New Home Sales Surge to Highest Point Since 2007

New Home Sales Surge to Highest Point Since 2007

The Department of Housing and Urban Development (HUD), in conjunction with the U.S. Census Bureau released its report on New Residential Sales for November 2017 on Friday.

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The sales figures were seasonally adjusted and came to an estimated 733,000, an increase of 17.5 percent (plus or minus 10.4 percent) from October’s revised rate of 624,000—representing the highest level since July 2007. Additionally, figures increased 26.6 percent (plus or minus 16.6 percent) of November’s estimate a year prior, which totaled 579,000.

New houses sold in November had an average price of $318,700; the median sales price came to $377,100. The report also figures that, at the end of…

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Rising Prices and Rising Expectations

Rising Prices and Rising Expectations

Expectations are rising for home price appreciation, according to the 2017 Q4 Zillow Home Price Expectations Survey. Home prices have continued to rise, and showed no signs of slowing.

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Zillow  sponsors a quarterly survey, conducted by Pulsenomics LLC, which asks more than 100 housing experts, market strategists, and economists what to expert for the U.S. housing market in 2018. The survey has revealed a steady uptick in home price increase, pushed along by the struggling supply over 33 straight months.

Zillow reports that although overall new construction picked up slightly toward the end of 2017, single-family construction was still plagued by a slow pace. Only 16.7 percent…

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What’s in Store for Existing Home Sales . . .

The National Association of Realtors (NAR) recently released its Existing Home Sales report—discovering that October 2017 reported the strongest pace since June, but low supply continues to lead to fewer closings on an annual basis for the second month in a row.

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Amidst the ongoing narrative of supply shortages, the report found that total existing-home sales increased by 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from 5.37 million in September.

According to NAR’s Chief Economist Lawrence Yun, this slight increase is attributed to job growth, which in most of the country continues to carry on at a robust level and is starting to slowly push up wages—giving households added assurance…

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Top 3 Barriers to Homeownership

As home prices rise and tight inventory continues, the current market has made it more challenging for American’s to reach their goals of homeownership, especially for low-to-median-income borrowers and first-time homebuyers.

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According to the Urban Institute’s Housing Finance Policy Center, there are three significant barriers to homeownership: saving for a down payment, accessing mortgage credit, and housing affordability.

In a recent report, Urban Institute breaks down these barriers, reporting data on the latest market trends of these obstacles.

One of the biggest barriers are consumers thinking they need to put more down than lenders actually require. According to the report, results show that 53 percent of…

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Keeping Up With Home Sales

Keeping up with home sales

The November RE/MAX National Housing Report recently released, reporting that October home sales increased 2.5 percent year-over-year—keeping 2017 prices ahead of 2016.

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In terms of inventory, the report found that October’s supply decreased to 3.3 percent, representing the lowest for any October since the housing report began tracking data nine years ago.

Median sales prices are now $224,000, which is an increase of 3.3 percent compared to October 2016.

According to Adam Contos, RE/MAX Co-CEO, the housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country.

“With job growth and increased household…

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Proceed With Caution: Existing Home Sales and Economic Growth

Proceed With Caution: Existing Home Sales and Economic Growth

The U.S. is embarking on its ninth year of economic expansion and Fannie Mae is predicting economic growth rebound. According to their Economic & Strategic Research Group’s June 2017 Economic and Housing Outlook, second quarter economic growth will rebound to 2.9 percent from last quarters 1.2 percent. Consumer spending growth is expected to return to its traditional role as the biggest contributor to economic growth, picking up to 3.1 percent this quarter from 0.6 percent in the first quarter. Fannie Mae said moderate growth is expected to continue into next year, however uncertainty in fiscal and monetary policy makes the forecast a little difficult.

“This month marks the eighth…

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8 Home Issues That Could Cause A Home Sale To Fall Through

8 home issues that could cause a home sale to fall through

Do you know what issues most often turn off buyers or kill a sale? Here are some of the big ones.

From a leaky or aging roof to a positive radon test in the basement, there’s probably a lot on your home sale to-do list. And while, yes, you want your house to look its best for prospective buyers, there are some less-than-obvious issues you should probably address before you list your home for sale on Trulia. Whether you’re selling a home in San Angelo, TX or planning to list your home for sale in Hoboken, NJ here’s the lowdown on some common issues that can cause a home sale to fall through.

8 Home Issues To Be Aware Of Before Listing Your Home

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Waiting to See if the Jobs Report Measures Up

The Bureau of Labor Statistics (BLS) will release the first employment summary of 2016 on Friday, February 5 (technically, it’s the second employment summary released this year, but the first one that covers part of 2016 since the last one covered December). Employment growth for October through December was solid, averaging job gains of 284,000 per month for the three months.

The recent job growth was the final piece of the economic puzzle the Fed needed in order to raise the short-term interest rates in December. In early January, the BLS reported that 292,000 jobs were added in December 2015.

“The bright spot in recent economic reports has been the labor market,” Freddie Mac stated in its January 2016 Insights & Outlook report released on Friday.…

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