Dakno Content Blog

Category: Canadian Housing Market

  • Report: US Home Prices On the Rise

    Home Buying 5The National Association of Realtors recently announced the latest US real estate figures and the numbers are encouraging for anyone considering selling their home.

    Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014.

    This is a fantastic development for anyone hoping to get a good price on their home for sale. Continue reading to learn more.

    What You Should Know About US Home Sales

    Here is an overview of the highlights of the most recent real estate market report:

    • The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
    • 24 areas had price gains of 10 percent or more.
    • That figure is up from 16 regions during the third quarter.
    • Meanwhile, prices declined in 24 areas.
    • Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
    • Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
    • At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
    • The number of markets that saw year-over-year price gains in the fourth quarter has increased.
    • The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.

    A Different Effect Seen in Canada

    As US home prices have increased, a lot of Canadian cities are seeing declines in home prices.

    According to the market data:

    • Home prices have started trending downward in several major Canadian cities, including Montreal, Winnipeg, Calgary and Hamilton, Ont.
    • Still, at least two major cities showed gains. On an annual basis, home prices were up 7.4 percent in Toronto and up 5.1 percent in Vancouver.

    When It Comes to Real Estate, Knowledge is Power

    We take pride in being able to provide you with the most up-to-date market information so that you can make informed decisions as home buyers and sellers.

    Check back soon for even more updates on the state of the national housing market and how that may impact you as a buyer or seller.

  • More US Home Buyers Returning to Market Because of Easier Mortgage Rules, Stable Rates

    US Home Buying 2More and more home buyers are returning to the US housing market because they’re noticing favorable market conditions.

    Specifically, buyers are feeling more comfortable about navigating the market thanks to interest rate stabilization and easier mortgage rules, according to a recent article by Reuters.

    This is fantastic news for the overall health of the housing market. After all, it suggests that the national real estate market is likely to become more stable over time.

    Trends That US Home Buyers Should Be Aware Of

    According to the recent Reuters article, new home builders D.R. Horton Inc and Toll Brothers Inc. are seeing jumps in home buyer demand.

    And they’re not the only ones.

    In fact, new home builders everywhere are reporting improved home buyer enthusiasm, which has been a great relief to many of the companies after an underwhelming spring home selling season.

    And pre-owned home sales are also reflecting similar home buyer enthusiasm levels.

    Here’s what else the national home buyer should know about recent trends on the housing market:

    • Interest rates decreased in October to their lowest levels since June 2013
    • In fact, these interest rates are still considered to be at historic lows.
    • The Dow Jones U.S. home construction index increased about 4 percent this year so far. And this increase came after the index already doubled between January 2012 and January 2014.
    • Meanwhile, new proposed rules will allow buyers to purchase homes with down payments as low as 3 percent.

    The proposed rules are great news for first-time home buyers, who are a key part of any housing market recovery. In fact, some experts believe that the housing market recovery will speed up as soon as more first-time home buyers enter the market.

    And a faster housing market recovery is good news for everyone!

    Meanwhile, In Canada…

    The real estate market conditions in Canada are looking just as encouraging, with Canadian resale home prices continuing to rise in October.

    Prices were up 5.4 percent from a year earlier, which is right on par with September’s year-on-year gain.

    What’s more, October marked the 11th month in a row that the index has increased. Still, it should be noted that prices rose in only five out of the 11 metropolitan markets surveyed.

    Prices rose 1.2 percent in Vancouver and rose 0.5 percent in Calgary. Toronto saw prices decrease 0.2 percent.

    Your Central Source for Housing Market News

    Check back here soon for more valuable updates on the current state of the national housing market and how they may impact you as buyers and sellers.

    We pride ourselves on offering you relevant and reliable information that will help you make the best real estate decision possible for you and your family!

  • US Real Estate Market Sees 6-Year Home Sales High

    US Home SalesWe’re breaking records on the U.S. housing market!

    Evidently, during the month of August, national home sales reached their highest levels in more than six years, according to a recent report from the Commerce Department.

    This is incredible! That means that sales activity has returned to the levels it was pre-bubble burst. And this spells great success for anyone interested in listing their home on the market.

    A Closer Look at US Home Data

    According to Commerce Department figures, new home sales jumped 18 percent to a 504,000 annualized rate, which is the strongest it’s been since May 2008.

    Not only that, but this rate is even higher than the highest forecast made by a Bloomberg survey of economists.

    This one-month increase shattered a 22-year record. That’s because the last time the US housing market saw a one-month increase this big was 1992.

    Here’s what else the Commerce Department revealed in its report:

    • Economists surveyed in the Bloomberg report said the pace would increase between 405,000 and 455,000.
    • The median forecast of 74 economists was that the pace would increase 430,000.
    • The median sales price of a new house increased 8 percent year over year in August, to $275,600
    • Home purchases increased in three of four U.S. regions. The West led the group with a 50 percent jump.
    • The housing inventory (given the current sales rate) dropped to 4.8 months from 5.6 months in July.
    • There were 203,000 new houses on the market at the end of August.
    • Existing home sales decreased 1.8 percent to a 5.05 million annual pace last month. This occurred after existing home sales reached a 10-month high of 5.14 million in July.
    • Housing starts decreased 14.4 percent to a 956,000 annualized rate. This occurred after July’s 1.12 million pace was the strongest it’s been since November 2007.

    Canada Home Sales See Encouraging Numbers as Well

    • Canadian national home sales increased 1.8 percent from July to August.
    • Actual (not seasonally adjusted) activity were 2.1 percent above August 2013 levels.
    • The number of newly listed homes decreased 1.2 percent between July to August.
    • The MLS Home Price Index increased 5.3 percent in August when compared to last year.
    • The national average sale price also increased 5.3 percent in August when compared to last year.

    Moving The US Real Estate Market Forward

    Experts say that the housing market has been growing in fits and starts but that steady growth is what will be needed in the long-term to effectively stabilize the market.

    Still, home sellers can be encouraged by these recent numbers as they do demonstrate that the market is headed in the right direction!

    Check back here soon as we continue to watch the housing market, looking for trends that impact you as home buyers and sellers.

  • US Homes Selling Quicker and Canadian Home Sales Prices Increasing!

    US and Canada Home SalesAs real estate experts, we’re always looking for market indicators to suggest whether the market is favoring sellers or buyers.

    We look at a variety of factors, including average list price,  median sales price and price per square footage.

    Another indicator we look at is the days that a home spent on the market before it ultimately sold. And if the latest data is any indication, this metric is certainly starting to favor home sellers!

    Why Home Sellers in the US Should Be Optimistic

    According to the most recent real estate data, properties listed in September 2013 spent an average of 86 days on real estate websites, compared with 116 days last year!

    This suggests that homes are selling nearly a month quicker than they did this time last year.

    Here’s what else the most recent real estate data reveals:

    • Properties listed in all 30 of the largest metro areas in the country sold quicker in September when compared to last year.
    • Those homes in the San Francisco Bay area were listed for the fewest number of days at 48, followed by Sacramento with 59 days and Dallas with 60 days.
    • Comparatively, in 2010, homes listed were on the market an average of 119 days.

    Experts say that a declining inventory of homes for sale has attracted more eager buyers to the market, resulting in fewer days on the market for homes for sale.

    Historically low mortgage rates, an improving economic climate and depressed home price values are further encouraging this activity.

    Canadian Real Estate Market Faring Well Too!

    Although data on average days on the market was not immediately available, other real estate indicators suggest that Canada’s real estate market is faring just as well!

    Here is some recent encouraging data released by the Canadian Real Estate Association:

    • Although the number of newly listed homes decreased by 0.8 percent from September to October, the Canadian housing market remains in balanced territory.
    • The national average sale price increased 8.5 percent year-over-year in October.
    • The MLS® Home Price Index (HPI) increased 3.5 percent year-over-year in October.
    • Between September and October, national home sales declined by 3.2 percent.
    • Meanwhile, actual (not seasonally adjusted) activity was 8.3 percent higher from October 2012 to October 2013.

    The Ultimate Source for Real Estate News

    Check back here soon for more updates on how the national real estate markets in the United States and Canada are faring!

    And for expert help on your own home-buying or home-selling goals, please contact us today!

  • 3 Encouraging Signs on the US and Canadian Real Estate Markets

    US, Canada Homes for SaleHome prices in both the United States and Canada have steadily been increasing over the last several months, according to recent housing market data.

    Evidently, CoreLogic Home Price Index recently reported that U.S. home prices have increased in nearly all major cities, and were up 12.4 percent year-over-year in August.

    Meanwhile, in Canada, home prices are showing their own gains in terms of home prices!

    This is encouraging news for anyone hoping to sell their home soon.

    U.S., Canada Home Prices Are On the Rise!

    Here are three encouraging signs for both the US housing market and Canadian housing market:

    • Home prices increased month-over-month throughout the summer
    • The proportion of distressed homes on local markets has been declining
    • Home values are seeing year-over-year gains

    More specifically, here’s a look at recent activity on the U.S. housing market:

    • Home prices increased 1.8 percent between June and July.
    • August saw a 0.9 percent increase in home prices
    • Nevada saw the largest increase in home prices, with a 25.9 percent year-over-year home price increase.
    • Nevada was followed by California, Arizona, Utah and Florida respectively in terms of home price appreciation.
    • For metropolitan areas, San Bernandino and Los Angeles in California saw more than a 20 percent year-over-year increase in August. That makes them some of the highest jumpers in price appreciation.
    • Out of the 100 largest cities, Akron, Ohio, was the only one to see prices decrease.
    • New Mexico had the smallest appreciation, with just a 1.54 percent increase, followed by Vermont, Delaware, West Virginia and Kentucky. Those states had between a 2 and 3 percent increase.
    • All of the above statistics factored in distressed sales. But if you take those out, home prices increased by 11.2 percent year-over-year in August 2013
    • Still, home prices remain 17.1 percent below their peak in April 2006. 
    • Analysts remain optimistic about the future, predicting a 12.7 percent price hike for September.

    And here’s a look at what Canadians are seeing in terms of home prices:

    • Canadian home prices increased by 0.1 percent between July and August
    • Home prices were also 1.8 percent higher than a year earlier

    Your National Real Estate Experts

    The summer home-buying season ended on a positive note in most markets in Canada and the United States, which is sure to please home sellers everywhere!

    And given that analysts are expecting this upward trend to continue, home owners can feel optimistic when they ultimately decide to list their properties!

    Check back here soon for updates on housing market trends that may affect you!