Tag Archive for digit increases

Trends Point To Healthy Housing Market in 2014

December 26, 2013 Housing Market Comments Off on Trends Point To Healthy Housing Market in 2014

In 2013, home prices and buyer demand both spiked as the housing recovery took hold in markets across the country. Double-digit increases in home values brought prices to a level last seen in 2004. But, according to Zillow’s November Real Estate Market Report, annual and monthly price trends indicate the robust recovery seen throughout 2013 is beginning to slow to more sustainable levels. The slowing price growth is partly driven by decreasing negative equity rates. As homeowners recoup value lost during the recent recession, more of those homes are put up for sale which increases inventory levels and normalizes price gains. And in addition to an increasing supply of previously owned homes, new home construction is expected to ramp up over the next year, adding further relief to constrained inventory levels across the country. If these trends continue, 2014 will likely see improved for-sale inventory levels, slower price increases, and more potential buyers entering the market to purchase homes. More here.

Existing Home Sales Up in August

September 20, 2013 Uncategorized Comments Off on Existing Home Sales Up in August

Sales of previously owned homes rose in August, according to the National Association of Realtors. Total existing-home sales increased 1.7 percent from the month before and were 13.2 percent above year-before levels. Regionally, sales were up in the Midwest and South, flat in the Northeast, and down in the West. But, despite reaching the highest sales pace since February 2007, Lawrence Yun, NAR’s chief economist, said the market may be experiencing a temporary peak. Yun cautioned that sales may be uneven in the months ahead due to tight inventory and less favorable affordability conditions. In short, fewer homes for sale puts upward pressure on prices. In fact, the median home price in August was up nearly 15 percent from 2012 and has posted double-digit increases for nine consecutive months. More here.