Thursday, September 23, 2021 / by Vinny Steo
The housing market is at a turning point this fall. As activity settles back from the pandemic home rush, home sales appear to be plateauing at a higher level than before the pandemic while home prices continue to advance. Despite a limited number of homes available for sale and competitive conditions marked by fast-selling homes, many buyers have found a home of their own. Additionally, low mortgage rates have kept mortgage payments below historic highs even as home prices hit records.
The key factors that will determine whether or not housing maintains this plateau are buyers and sellers. While we have seen more homeowners decide to sell this year as health risks wane, the momentum appears to be fading. Additionally, builders are adding new housing supply, but much more is still needed. This suggests that homes for sale could remain in short supply. Meanwhile, the millennial generation continues to make its mark, forming households, buying first-homes, and increasingly buy; ...
Friday, September 17, 2021 / by Vinny Steo
As summer vacations wind down and backpacks and football reappear, the housing market sometimes gets a second wind. In a sign this may be the case, the median asking price bounced back this week as new listings–homeowners putting their home up for sale–also picked up. This could mean more buyers are taking advantage of what’s typically a slower season in the housing market to turn their dreams into reality.
For buyers, new listings growth means more options to choose from, and that’s helping to drive renewed improvement in overall active inventory levels, a trend toward a more normal housing market. Even as we celebrate this small step in the right direction, there’s still a big construction deficit to work through–more than 5.2 million over the last decade, in fact.
The median listing price grew at 9.7 percent over last year. A jump back toward double digits after six weeks of single-digit price growth is uncharacteri; ...
Wednesday, August 25, 2021 / by Vinny Steo
Home prices notched a third week at a single-digit pace after 50 consecutive weeks of growth in the double-digit range. This key buyer-friendly news is tempered by still record-high home prices. Additionally, data suggest that some of the apparent price moderation is due to a shift in what’s selling now. In July we saw an increase in smaller homes on the market and the typical asking price of 2,000 square foot single-family homes, a benchmark size, continues to advance at a double-digit rate. The good news for homebuyers is that they may see more choices, particularly smaller homes for sale that are popular with first-time buyers. For sellers, although price growth has slowed, prices are still generally high. In other words, it’s still a good time to sell, and that’s likely to mean more homes hitting the market.
Weekly Housing Trends Key Findings
The median listing price grew at 8.6 percent over last year, marking the third week of single-digit ...
Friday, August 13, 2021 / by Vinny Steo
At first glance, the housing market seems to be singing the same refrain, not enough homes for sale leads to rising prices, fast selling homes, and frustrated home buyers. On closer inspection, however, the refrain is not exactly on repeat. Although prices continue to rise and there are fewer homes for sale, the number of new sellers continues to rise. These new sellers are a ray of hope to persistent buyers hoping to take advantage of low mortgage rate conditions to buy a home, helping to keep home sales on track. And with the public widely in agreement that now is a good time to sell, we expect more sellers ahead, likely even enough sellers to cause inventory declines to end before the end of the year.
Weekly Housing Trends Key Findings
Median listing prices grew at 10.3 percent over last year, marking the 49th consecutive week of double-digit price growth. The pace of home price growth has been resilient in July, hanging on to a double-digi; ...
Friday, July 30, 2021 / by Vinny Steo
You do not have to be a weather person to predict the weather this time of year. We all know… it is the hottest time of the year. But that is not all that’s hot. The economy is red hot too. By all measures the best economy in 20 years or so.
This is GOOD for most reading this, but there will be some exceptions. There always are. An example could be someone will sell a house and make out great, meaning a buyer pays a bit more than they would have not too long ago. And in some areas, the opposite happens. Seller does not make out that great, but the buyer does. ...