Tag Archives: housing market

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New-Home Sales Near 10-Year High

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New-home sales in July jumped to the highest level in nearly a decade, with sales of new single-family homes climbing 12.4 percent month-over-month and reaching a seasonally adjusted annual rate of 654,000, the Commerce Department reported Tuesday. That marks the highest level since October 2007.

Low mortgage rates, improving income growth, and steady job creation have helped propel home buying for both new and existing homes. New-home sales have posted strong gains since the beginning of this year, up 13.3 percent compared to a year ago. In June, sales of existing homes also reached their strongest pace in nearly a decade, though they slipped in July, according to the National Association of REALTORS®.

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August 2016 RE/MAX National Housing Report

August 2016 NHR

Unlike the month’s temperatures, July home sales cooled off from June’s highest year-to-date level. In the RE/MAX National Housing Report analysis of 53 U.S. cities, July sales fell in 49 markets by 8.8% from July 2015 and by 13.1% from June. Over the last seven years, the average drop in sales from June to July has been 8.2%. The Median Sales Price dropped slightly from June to $225,000, which is still 4.7% higher than one year ago. At the same time, inventory continued to tighten by dropping 3.0% lower than June and 16.6% lower than a year ago, resulting in a Months Supply of just 3.5. Five metro areas reported an inventory supply of less than two months. Meanwhile, the average Days on Market dropped to 53 which is just one day less than the average in June and four days below last year.

Read the full article in RE/MAX’s Newsroom…

Watch the short video on YouTube…

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What Are Americans’ Top Housing Concerns?

Planning

It might not be all low inventory and high prices. It seems Americans have a confidence problem when it comes to the housing market. They’re increasingly apprehensive to move forward, citing concerns over the economy and job security, according to the latest ValueInsured Modern Homebuyer Survey, a measure of confidence in the health of the housing market among more than 1,000 home owners and buyers.

Americans also still express lingering concerns from the housing crisis of 2008, particularly millennials. Sixty-three percent of Americans and 72 percent of millennials say the crash worried them and impacted their decision to either purchase their first home or upgrade to a new one, according to the survey.

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July 2016 RE/MAX National Housing Report

July NHR

Home Sales Warm Up With Summer Temps

With the market now in the midst of the popular summer selling season, both home sales and prices are rising with the summer temperatures. Homebuyer demand in June kept sales levels above last year’s by 0.7%, with a strong increase of 9.4% over sales in May. The Median Sales Price in June was $229,900, which marks a 2.2% increase over prices seen in June 2015. As year-over-year price increases moderate, there’s a positive impact on home affordability. The number of homes for sale in June fell 15.6% from levels one year ago, making inventory supply a significant challenge, especially in West Coast metros. At the rate of home sales in June, the national Months Supply of Inventory was 3.2, a slight improvement from the 3.0 supply seen in May.

Read the full article in RE/MAX’s Newsroom…

Watch the short video on YouTube…

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The Top 20 Markets for June 2016

Top 20 Markets for June

The overall residential housing market is heating up this summer, but a markets in a few cities across the country are in a league of their own, notes Jonathan Smoke, realtor.com®’s chief economist.

Realtor.com®’s research team identified the hottest markets by factoring in which ones had the most views per listing on its website and saw the quickest inventory movement. In these markets, homes are selling 20 to 38 days faster than the rest of the U.S.

Once again, California dominates this month’s list, but eight other states are also represented (Texas, Colorado, Indiana, Ohio, Michigan, Washington, Massachusetts, and New Hampshire). Seasonality is a big factor in this month’s rankings, Smoke notes.

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June 2016 RE/MAX National Housing Report

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Homebuyer Demand Moves Market Higher

As homebuyer demand continues, May saw a 10.3% jump in sales over April and a 5.1% increase over May last year, which is slightly higher than the average year-over-year sales increase of 4.5% so far in 2016. The Median Sales Price in May was $222,475, a 4.2% rise from price levels one year ago and 3.5% above the median price in April. The inventory of homes for sale remains very tight in many markets across the country, with the May inventory 14.8% lower than May 2015. At the rate of home sales in May, the national Months Supply of Inventory was 3.0, down from 3.2 in April.

Read the full article in RE/MAX’s Newsroom…

Watch the short video on YouTube…

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National Housing Videos

National Housing Videos

Every month RE/MAX researches 53 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here’s a short video with some highlights from this month’s report. To view past months’ videos or catch up anytime, visit my YouTube channel.

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May 2016 RE/MAX National Housing Report

May 2016 National Housing Report

With the 2016 home-buying season just starting, April sales saw a 7.5% increase over March and a 3.2% rise over April last year, which nearly matches the average year-over-year sales increase of 4.3% so far in 2016. The Median Sales Price in April was $215,000, which was 5.4% higher than one year ago and 7.5% above the median price in March. The inventory of homes for sale remains very tight in many markets across the country, with the April inventory 15.2% lower than April 2015. At the rate of home sales in April, the national Months Supply of Inventory was 3.2, down from 3.7 in March.

Read the full article in RE/MAX’s Newsroom…

Watch the short video on YouTube…

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April 2016 RE/MAX National Housing Report

April 2016 National Housing Report

The 2016 home buying season began in March with a 33.4% jump in sales from February among the 53 metro areas surveyed for the RE/MAX National Housing Report, which is a little better than the 31.0% seven-year average of February to March increases. March sales were also 3.6% greater than sales one year ago. So far in 2016, the average year-over-year increase in home sales has been 4.9%. The median price among the Median Sales Prices of the markets in the survey in March was $204,000, which was the same median price reported in March 2015. The inventory of homes for sale remains very tight in many markets across the country, with March seeing a level that is 13.3% lower than a year ago, the exact same difference seen in February. At the rate of home sales in March, the national Months Supply of inventory was 3.2, down from 3.7 in March 2015.

Read the full article in RE/MAX’s Newsroom…

Watch the short video on YouTube…

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2016 Predicted to Be Housing’s Golden Year

Prices Rising

Officials from mortgage giant Freddie Mac have made a bold prediction: This year housing starts and home prices will reach their highest levels since 2006.

The main reasons behind its bullish forecast is low mortgage rates, an improving job market, and a gradual increase in housing supply.

“Housing markets are poised for their best year in a decade,” says Sean Becketti, Freddie Mac’s chief economist. “In our latest forecast, total home sales, housing starts, and home prices will reach their highest levels since 2006.”

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