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The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.Historically, inventory must reach a 6-month supply [...]
Some Highlights:Don’t forget to set your clocks forward this Sunday, March 12th at 2:00 AM EST in observance of Daylight Savings Time.Unless of course, you are a resident of Arizona or Hawaii!Every hour in the United States: 649 homes are sold, 177 homes regain equity (meaning they are no longer underwater on their mortgage), and [...]
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost [...]
Highlights:Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.January marked the 59th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.NAR’s Chief Economist, Lawrence Yun had this to say, “Much of the country saw robust sales activity last [...]
The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year [...]
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.However, there [...]
Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.Many sellers feel that the spring is the best time to place their homes on the market as buyer demand traditionally increases [...]
The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.Their latest edition sheds some light on the relationship between Seller Traffic (supply) and [...]
Highlights:5.45 million existing homes were sold in 2016! This is the highest mark set since 2006.Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999.The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year price gains.
According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed.The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a [...]