Health & Fitness
How Is The Housing Market Doing?
As a Realtor, I get this question asked of me ALL the time. I keep actively busy with my customers and I read a lot to be knowledgeable of our current housing market trends. This past month, as an overall synopsis, I found these sites below to be among the best, most informative, and interesting to show HOW our housing market IS doing.
While housing inventory is still low it has increased home prices over this past year, but as we head into the holidays, there are less homes going under contract now. But the year was a good strong year and houses in our area went quickly and many had multiple offers.
As seen in the reports below, the over year-to year data still shows a recovery as we head in towards 2014. While the government shutdown didn't help matters - it didn't hurt as much as expected. However, it did cause a lot of concern and waiver consumer confidence causing a slow, end of year, quarter.
Find out what's happening in Syossetwith free, real-time updates from Patch.
Posted on DSNEWS,
Find out what's happening in Syossetwith free, real-time updates from Patch.
“Slow Quarter Ahead Judging from Pending Home Sales”
“Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” said NAR chief economist Lawrence Yun.
“In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.
“This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014. Even so, ongoing inventory shortages will continue to lift home prices, though at a slower single-digit growth rate next year,” he added.
To read more:
Http://www.dsnews.com/articles/slow-quarter-ahead-judging-from-pending-home-sales-2013-10-28
_________________________________________________
In the NYSAR News: (New York State Association of REALTORS):
Siena Research Institute: New Yorkers see strong and stable real estate market
Posted Oct 23, 2013 -
According to the results of the third quarter 2013 New York State Consumer Real Estate Sentiment Scores released by the Siena Research Institute (SRI), for the second consecutive quarter, New Yorkers' view of the real estate market is strongly positive and the expectation is that the market is here to stay.
To read more:
__________________________________________________
Also, In the NYSAR News:
RealtyTrac: Sales volume in New York up in September from month and year-ago levels
Posted Oct 24, 2013 -
In its September 2013 U.S. Residential & Foreclosure Sales Report, RealtyTrac Inc. Reported that New York State residential properties sold at an estimated annualized pace of 155,081 in September, up one percent from August and up 6 percent from the same time last year.
To read more:
__________________________________________________
NAHB reports (National Association of Home Builders):
House Price Growth Highest in 7 Years
Posted October 31, 2013 -
Standard & Poor’s and Case-Shiller reported that house prices continued to rise in August. According to the release, both the S&P/Case-Shiller House Price Index 20-City Composite and the 10-City Composite rose by 12.8% on a year-over-year not seasonally adjusted basis, the largest increase in house prices since February 2006. House price gains were largest in Las Vegas, 29.2% and San Francisco, 25.4%. Meanwhile, house prices in New York saw the slowest growth, 3.6%, over the previous 12 months. (Yet, still an improvement)!
To read more:
___________________________________________________
From my own experience many “ready” homes (move-in ready or estates ready to settle quickly) in our area have sold quickly. (As stated in one of my previous blogs how homes were going under contract in just a matter of days); in essence, it is all good news as we look to the future!
