Posts Tagged as Real Estate Sales Trends

Real Estate Home Sales Are Hot! What's Up for the Rest of 2018?

Real Estate Home Sales Are Hot! What’s Up for the Rest of 2018?

What’s driving today’s real estate trends? Driven by low home inventory, new home sales are hot, with sales rising 6.7% in May despite extraordinarily high selling prices. This tops the far more conservative estimate of a 0.9% increase expected by economists at the Wall Street Journal.

Have We Surpassed Elevated Levels Seen Before the 07-09 Mortgage Crisis?

New home sales still remain well beyond such levels, and are up 14.1% compared to new home sales last May.

What Areas are Seeing the Greatest Growth?

Sales in the South are driving last month’s numbers, with the region experiencing a 17.9% increase in new home sales. Elsewhere in the Midwest, May sales were flat, and in the Northeast and Northwest, new home sales declined.

Will this Trend in New Home Sales Continue?

Expectations of single-family home sales by builders fell two-points in June according to the recent NAHB housing market index. Further economic growth, the creation of more jobs, and a solid housing demand, however, are expected to spur construction of more single-family homes in the months ahead.

What About Pre-Owned Homes?

Compared to sales in the first 4-5 months last year, 2018 sales of pre-owned homes have remained neutral.

How are Complications in the Sales Arena Playing a Role?

It’s commonly seen in real estate trends for low inventory to inflate prices, driving buyers out of the market, and we’ve been seeing that for quite some time now. But this isn’t the only factor complicating purchases. Mortgage interest rates rose to 4.59% in May, up more than half a point from January’s 4.03%. Labor is scarce, and lumber prices at record-highs, adding almost $9,000 to the cost of new single family homes since January of 2017. All-in-all, a harrowing time for making a home purchase.

Are you making the most of today’s hot housing market? Heat up your sales with the latest real estate trends and technology from Properties Online today­.

How to Creatively Get More Seller Leads with Video

Falling Prices Boost Sales Trends

Recent real estate trends reported by the National Association of Realtors have shown purchases of existing homes, which had fallen in July, rebounded in August – some 5.1% higher than prices in August 2015, Why the bump? Typical for that time of year, demand decreased and prices began to fall, which may have led to the bump in August.

How high did they climb?
Existing home sales rose 5.5% from the previous month and 7.3% from the previous year, at 541,000 purchases. Luckily, though, median prices dropped 1.3%, but they were still up overall – 5.1% from the previous year.

A better buy
Lower than the cost of a newly built home which sold for a median $294,600 in July, the $240,200 median price tag for gently-used homes offered budget-conscious buyers a late-summer bargain.

The rise and fall
Most buyers choose and move before the school year starts, typically settling before August and declining thereafter. However, inventory has been tight this year and prices have been up. As demand dropped in August, prices also fell. (The two extra business days in August probably didn’t hurt sales either.)

Real estate trends show an upswing nationwide:

• South
Lower cost of living, bringing an influx of companies to the south, is bringing new jobs and residents, boosting sales to 7.4% over last year and prices up 6.7%. In August, 217,000 homes were sold at a median home price of $209,700.

• Midwest
The Midwest sports some of the lowest home prices in the country, with a median $190,700 sale price. Here 132,000 homes went under contract, up 7.3% annually, 5.5% year-over-year.

• West
The nation’s costliest region saw 115,000 purchases, up 7.5% annually, with median pricing up 9.2% to $347,400.

• Northeast
Supply-restricted, the Northeast still closed on 77,000 homes, with sales up 6.9%. Prices rose 0.8%, to a median of $274,100.

Local real estate trends show things looking up? Cash-in with the help of Properties Online.