These same trends are playing out locally in metro markets such as Denver, Sacramento, the San Francisco Bay Area, and Southern California. Census Bureau rose 14.0 percent during the same time period. The median price for an existing home tracked by the National Association of Realtors® rose 6.8 percent year-over-year through January, while the median price for new single-family homes tracked by the U.S. ![]() This continued low inventory has meant continued pressure on home prices. At current sales rates, unsold existing home inventory fell to just 3.1 months, suggesting a market which is out of balance in favor of sellers. According to the National Association of Realtors® inventory fell nearly 11 percent year-over-year in January to the lowest overall level since 1999. Yet, the national inventory shortage for existing homes is striking, perhaps contributing to buyers looking for new homes. ![]() In addition, pending sales for existing homes in January surged the most since October 2010, and were up 6.7 percent year-on-year. Even after adjusting for supply and seasonal trends, the Pending New Home Sales Index by Meyers Research was up 13.1 percent versus the same time last year, and 3.6 percent higher than two years ago. January proved to be a booming month for home sales, assuming there was something to sell of course. ![]() New Home Sales Spike in January Due to Rising Demand and Low Inventory Posted: March, 11, 2020
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |