Where is the Housing Inventory?

Home prices are soaring nationwide. Houses are flying off the market in record time. It sounds like sunshine and rainbows for the housing market right? Are home prices rising too fast though? Is it sustainable? In the super-hot markets - like San Francisco and San Jose, CA along with Austin, TX - median prices have risen to levels that are pricing average Americans out of the market. San Jose, CA recently became the first metropolitan area to cross the median home price of $1,000,000. In San Francisco, CA it’s $855,000. Yep, you are reading…continue reading →

[Infographic] Home Sales At Highest Pace in 9 Years

Existing home sales rose 1.8 percent in May - their highest pace since February 2007 - according to the National Association of Realtors (NAR) anticipated monthly report that came out this week. In total, 5.53 million single family, condo and townhome sales came to fruition. Strong numbers considering that inventory issues - especially on the low-end - continue to disrupt many housing markets. The lack of available homes means that many would-be buyers are struggling to get into the market. It also means home prices keep rising. The median price of an existing…continue reading →

Home Sales Data Continues to Show Housing Market Strength

The beat plays on for housing sales. Numbers for existing home sales - as reported by the National Association of Realtors every month - continued to show the strength of the American housing market in April 2016. I’m starting to sound a bit like a broken record. Despite the strong numbers, we would have seen even better numbers if the inventory was available to buy. The good news is that both building permits, housing starts and new home sales numbers showed increased activity in adding that inventory finally. April 2016 Existing Home Sales…continue reading →

CA Home Prices Will Appreciate by >6% In Next 12 Months

CoreLogic predicted that California Home Prices will continue to appreciate at a rapid pace. It will remain one of the hottest markets in the country with an appreciation rate of >6% in the next 12 months. The news will be equally good across the nation where home prices are expected to increase by 5.3%. With buyers demand outpacing supply and pending home sales reaching new high, it promises to be another scorching hot home buying season.continue reading →

Home Sales Price Increase For 49th Consecutive Month

The National Association of Realtors (NAR) released their monthly numbers on total existing-home sales for March recently. The result? Once again - for the 49th consecutive month - the data was strong and shows year-to-year gains from 2015. Existing home sales are defined as closed transactions that include single-family homes, townhomes and condos. They generally account for 90 percent of the overall housing market. The March numbers continue to show the strength of the housing market in nearly every market nationwide. Nationally, the numbers hopped up 5.1 percent to a seasonally adjusted annual…continue reading →

These Charts Will Convince You To List Your Home Today

In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise. SUPPLY The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market. DEMAND Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand in February significantly outpaced the…continue reading →

6 Predictions For 2016 Housing and Mortgage Market

2015 was an eventful year in the housing market. Plagued by lack of inventory, housing markets did what they could to keep up with the demand as rates defied prognosticators and stayed near historically lows throughout the year. Rents increased far beyond normal, stretching affordability in the rental market. Those increase will force some decisions to be made in 2016 amongst non-committal millennials and boomerang buyers who were biding their time before re-entering the market. Get PreApproved for a Mortgage #1 - Expect a wave of Boomerang Buyers to return to ownership During the Great…continue reading →

The 2015 Housing Market Recap

It was an eventful year in the housing market. Demographic shifts, inventory issues, skyrocketing rents, historically low mortgage rates, sweeping changes in the mortgage industry, increasing reliance on technology by home shoppers and those pesky millennials - who continue to be the subject of housing market consternation. The post-crash hangover still lingers in some markets, but many have completely shrugged of the funk of the Great Recession. Get PreApproved for a Mortgage for a Mortgage Build baby build is the tune that most of California is singing as inventory continues to dog housing markets statewide. The lack…continue reading →

[Infographic] Home Sales Data Continues to Highlight Inventory Issues

With mortgage rates remaining below 4 percent for the third straight month, existing-home sales in October were at a healthy pace but failed to keep up with September's jump, according to the National Association of Realtors®. All four major regions saw no gains in sales in October. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September. Despite last month's decline, sales are still 3.9 percent above a year…continue reading →