Rising real estate costs, demographics shifts, and low inventory have hamstrung homebuyers for years. But according to Danielle Hale, chief economist for Realtor.com, this spring buying season may bring buyer frustration to a boil.
“I think it’s fair to say this is the most competitive housing market we’ve seen in recorded history,” says Hale. “There’s record low inventory and strong interest from buyers in getting into the housing market. There are a lot of buyers, and not a lot of sellers.”
According to Hale and other economists and real estate industry observers, many factors have created this “imperfect storm” of high demand and low supply. Underbuilding had been a key factor, due to cost, labor shortages, and zoning and regulatory barriers to new construction.
“We’ve been paying the bill for underbuilding for some time, and every year, it gets worse,” she says. “We’re not only not keeping up, we’re falling further behind.”
This excerpt taken from Curbed.com to read more please click HERE.
Freddie Mac has released the findings of its monthly Multi-Indicator Market Index (MiMi) today which highlights the stability of the housing market from a national, state, and metro perspective. The results of March’s MiMi findings points to a more stable housing market.
MiMi considers a wide range of variables when gathering data. These variables include payment-to-income ratios, local employment, home purchase applications, and the proportion of current mortgage payments.
This excerpt taken from the “Nawrb News Room” to read more CLICK HERE
Existing-home sales jumped in March to their highest annual rate in 18 months, while unsold inventory showed needed improvement, according to the National Association of Realtors®. Led by the Midwest, all major regions experienced strong sales gains in March and are above their year-over-year sales pace.
Total existing-home sales1, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, increased 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February—the highest annual rate since September 2013 (also 5.19 million). Sales have increased year-over-year for six consecutive months and are now 10.4 percent above a year ago, the highest annual increase since August 2013 (10.7 percent). March’s sales increase was the largest monthly increase since December 2010 (6.2 percent).
This article from the National Association of Realtors®
To read more click here
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