Could This Be The Beginning Of A Change?
Good Monday Morning!
It looks as if most of the country has a similar housing market to that of the Eugene/Springfield and surrounding area. Low inventories of homes for sale and high demand are fueling the market and making for a difficult situation for home buyers. Historic low mortgage interest rates are driving demand, but last week rates began to creep up. Could this be the beginning of a change? For sellers, time is running short to take advantage of this market. If you are considering the sale of a home this year, don't wait! Here is an article from "Realtor.com" that talks about the national housing market.
The numbers: U.S. existing home sales inched up 0.6% to a seasonally-adjusted annual rate of 6.69 million, the National Association of Realtors said Friday. Compared with a year ago, home sales were up 23.7%.
Economists polled by The Wall Street Journal had forecast that existing home sales would fall to a median rate of 6.66 million.
What happened: The median existing-home price rose to $303,900 in January, up 14.1% from a year ago.
The inventory of homes for sale fell to a record low 1.04 million units by the end of January. That’s a 25.7% decline year-over-year. The market had a 1.9-month supply of homes for sales. A 6-month supply is considered a sign of a balanced market.
The South and the Midwest showed an increase in sales in January.
Big picture: Sales have been moving sideways since setting a cycle high in October. Economists think that low mortgage rates will continue to boost housing demand in coming months. Buyers are also looking for more room and more remote locations in the wake of the pandemic.
What the NAR said: “Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market. Sales easily could have been even 20% higher if there had been more inventory and more choices,” said said Lawrence Yun, NAR’s chief economist.
What economists are saying? “In general, record low mortgage rates and families fleeing more crowded living situations are fueling demand for single family homes in spite of ongoing turmoil in the labor market and higher home prices. Indeed, this is one sector which is coming out of the crisis stronger than it went into it,” said Josh Shapiro, chief U.S. economist at MFR Inc.
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