Tag Archives: supply shortage
Housing Experienced a Supply and Demand Conflict in May
The housing market experience experienced a “conflict” between supply and demand in May as increased home values resulted in sales, which subsequently increased supply – but at the same time, lack of affordability and economic uncertainty reduced demand, according to First American Chief Economist Mark Fleming. The market capacity for existing-home sales increased by 0.3 […]
Pending Home Sales Rise to Highest Level in Nine Years
The National Association of Realtors (NAR) recently reported in their Pending Home Sales Index (PHSI) that, pending home sales increased in April for the fourth consecutive month and reached their highest peak in nine years. All four major regions saw growth in April, led by the Northeast and Midwest. “The steady gains in contract activity […]
February Gains Point to Seller Optimism
Realtor.com released its February Monthly Housing Trend Report, which showed an increase in listing prices as well as an increase of housing inventory. The increase in both list price as well as inventory points to a “strong early beginning to this spring’s home buying season,” the report said. Nationally, median listing price increased to $199,000, […]
Mortgage Rates, Low Inventory Greatest Obstacles for Homebuyers
According to Redfin, 53% of home buyers say that rising mortgage rates are one of their major concerns with buying a home right now. However, low inventory continues to be the chief concern at a whopping 58%. Buyers still are quoted as saying it is a good time to buy and feel that the nation […]
The Future’s So Bright You Gotta Wear Shades
http://www.dsnews.com/articles/nar-speculates-on-future-of-housing-at-expo-2013-05-17 The National Association of Realtors, at their annual Midyear Meeting in Washington DC this week, said they expect existing home sales to increase to nearly 5 million this year and then grow to an annual rate of 5.3 million in 2014 & 5.7 million in 2015. Dramatic price increases are also expected to continue […]
Not another Bubble, Trulia confirms
Many homeowners & buyers are worried that the present price increases & housing recovery is leading towards another bubble experienced back in the 2005/2006 fiasco. Trulia has done some research comparing various price indexes to per-capita income & rent data obtained by the government & concluded that home prices are still 7% undervalued nationally, coming […]
Phoenix Area Home Prices Continue to Surge
The Arizona Republic reported yesterday that our low supply of homes is allowing local prices to surge. This is not a surprise to area Realtors who have seen home prices gaining steadily over the past months, in some parts of the valley growing over 30% to $175,000 from last year at the same time. […]
Phoenix Home Sales Median Price Continues to Increase
http://www.azcentral.com/business/articles/20130503phoenix-home-sales-median-price.html Metro Phoenix median home sales price rose to $175,000 in March, a 3% increase from February marking a 30% increase over the last year. Prices are expected to continue to increase, at least until June which is our traditional peak buying season in the Valley. However, prices still haven’t increased enough for many homeowners […]
US Home Prices Have Highest Increase in 7 Years
The National Association of Realtors announced a 9.3% gain in US home prices in February of this year as compared with a year ago, driven by increased number of buyers and a decreasing inventory of available homes to purchase. Increasing employment & near-record low mortgage rates are keeping demand for home buying high, helping sustain […]
Are we in another “bubble” that might burst?
http://www.dsnews.com/articles/investors-inventory-shortgage-catalysts-to-housing-rebound-report-2013-04-18 Some homeowners & future buyers have been concerned that the low inventory of homes & the onslaught of investors purchasing properties in our market has created another bubble. Protek Valuation Services Home Value Forcast say otherwise, stating that they believe these factors have CONTRIBUTED to our Real Estate recovery rather than creating an artificial […]