There are 2 sides to this housing market…Present conditions can be considered a buyer’s and seller’s market. Many have coined this summer as a “seller’s market” due to lack of inventor causing the rise of home prices, however, I still see it as a buyer’s market due to record low interest rates, allowing many more buying power for homes that were once unattainable a reality…what are your thoughts?
Here is an analysis by RISMEDIA.
Over the past three weeks, the housing trends have stayed on the same track, according to realtor.com®’s latest Weekly Recovery Report. Overall, new listings are down, but the number of total listings has remained relatively flat. In addition, median listing prices are trending up, while days on market are slowing down a bit. The Index reached 98.5 this week—a 0.7 point increase over last week and just 1.5 points below the pre-COVID baseline.
Here’s the market breakdown for the week ending July 11:
New Listings: -19 percent YoY
Median Listing Prices: +7.9 YoY
Total Listings: -32 percent YoY
Days on Market: 1 days slower YoY
What’s happening at the local levels? In the West, the index marked 104.6, leading in recovery. The Northeast crossed the recovery baseline last week and is now at 102.6. The South and Midwest are still lagging behind at 96.3 and 95.3, respectively. A total of four additional markets crossed the recovery benchmark this week, adding up to 18 markets overall. The greatest recoveries are happening in Seattle, Boston, Denver, Philadelphia and New York.
“Today’s market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season,” said Danielle Hale, chief economist for realtor.com®. “Homebuyers, trying to take advantage of record-low mortgage rates and make up for lost time, are finding limited and more expensive options. Although sellers are slowly acclimating to this unexpected surge in buyer interest, inventory is still lagging behind demand which is driving quick time on market and listing price growth on par with this time last summer.
If you are looking to be kept current on your local real estate market conditions, contact me at 732-995-5609 / NJHomesbyRoslyn.com
Source: ” Inventory Remains a Challenge, But It’s Not Stopping the Market Rebound” RISMEDIA (July 18, 2020)