Trends To Be Aware of on National Housing Market

Basic FHA expected Requirements for 2014
September 14, 2013
Pest Control Tips for Home Owners
November 18, 2013

Trends To Be Aware of on National Housing Market

All of the recent data points to signs of home buyers and home sellers more likely to encounter a much more balanced, and less choatic housing market. This is sure to give both sellers and buyers more confidence in the overall health of not only the housing market, but their home investment.

Here’s an overview of recent real estate activity on the national housing market:

  • Through June 2013, U.S. home values increased by 10 percent, which is the fastest rate it’s been since 1977.
  • Meanwhile, asking prices (which are the top indicator of sales prices) increased to a seasonally adjusted rate of 3.3 percent in May and June.
  • Although this increase is noticeable, it is less than the 4.2 percent jump that happened six months ago.
  • Some of the hottest markets in the country – including Las Vegas, San Francisco and Portland – are reporting that increases in asking prices have slowed even more in recent months.
  • Meanwhile, pending home sales dipped in June, with rising interest rates deterring some buyers.
  • Bidding wars also appear to be leveling off. In July, 63 percent of buyers’ offers on Redfin faced competition in 22 markets. That’s down from 68 percent in June and 76 percent (the peak) in March.
  • Increases in median home values have also slowed. For instance, in Miami, the median home value increased 0.7 percent from April to May, compared with 0.6 percent from May to June.
  • Comparatively, home values have increased at least 1 percent month-over-month during the previous five months.

All of the recent data points to signs of home buyers and home sellers more likely to encounter a much more balanced, and less choatic housing market.  This is sure to give both sellers and buyers more confidence in the overall health of not only the housing market, but their home investment.