Dakno Content Blog

Tag: Home buyers

  • A Very Merry Year End National Real Estate Report

    National housing market salesWhichever way you look at it, the real estate market is finishing strong as we wrap up 2013!

    According to a recent Bloomberg report, several market indicators are showing growth and gains, which is great news for home buyers and home sellers alike!

    Today, we’re going to share with you some of the highlights of this recent report. Happy holidays everyone!

    US Home Sales

    According to the Bloomberg article, purchases of new U.S. homes rebounded during the month of October from the lowest level it’s been in more than a year.

    Specifically, home sales of these new homes jumped 25.4 percent to a 444,000 annualized rate. This was only a month after that figure was down to 354,0000, which was the weakest it’s been since April 2012.

    Experts say that this signals that home buyers are beginning to adjust to higher mortgage rates.

    Aiding this increase in home sales is the fact that there have been employment gains across the board, as well as stock price increases.

    Here’s what else the report revealed about national housing market activity:

    • Home purchases decreased 6.6 percent in September from a 379,000 annualized pace in August.
    • The median home sales price showed a year-over-year decrease of 0.6 percent to $245,800 in October.
    • Home purchases rebounded in all four U.S. regions during the month of October
    • The biggest increase in home purchases was in the Midwest with a 34 percent increase.
    • The supply of homes decreased from 6.4 months to 4.9 months during the month of September
    • There were 183,000 new houses on the market by the end of October, which is down from 190,000 during the previous month.
    • New construction accounted for about 7 percent of the residential market in 2012.
    • Meanwhile, applications for building permits increased by 6.2 percent to a 1.03 million annualized rate, which is the most it’s been since June 2008.
    • That’s compared to a September pace of 974,000
    • There were 2.13 million previously owned homes for sale by the end of October, which is down from 2.17 million during the month of September.

    National Real Estate News at Your Fingertips

    As you can see, our national real estate market is becoming more active as residents everywhere become increasingly optimistic about the state of the housing market.

    This bodes well for 2014 predictions for the national housing market!

    Check back on January 1 as we continue to discuss real estate market activity that affects you!

  • National Housing Market Becoming Increasingly Balanced

    National housing marketThe housing market is on the mend and is not as grossly out of whack as it has been in years past, according to a recent USA Today article.

    Evidently, housing markets across the country are reporting that more homes are coming on the market and asking prices are leveling out.

    This all means that the housing market is becoming increasingly stable, instead of an extreme buyer’s or seller’s market.

    More Trends To Be Aware of on National Housing Market

    Here’s an overview of recent real estate activity on the national housing market:

    • Through June 2013, U.S. home values increased by 10 percent, which is the fastest rate it’s been since 1977.
    • Meanwhile, asking prices (which are the top indicator of sales prices) increased to a seasonally adjusted rate of 3.3 percent in May and June.
    • Although this increase is noticeable, it is less than the 4.2 percent jump that happened six months ago.
    • Some of the hottest markets in the country – including Las Vegas, San Francisco and Portland – are reporting that increases in asking prices have slowed even more in recent months.
    • Meanwhile, pending home sales dipped in June, with rising interest rates deterring some buyers.
    • Bidding wars also appear to be leveling off. In July, 63 percent of buyers’ offers on Redfin faced competition in 22 markets. That’s down from 68 percent in June and 76 percent (the peak) in March.
    • Increases in median home values have also slowed. For instance, in Miami, the median home value increased 0.7 percent from April to May, compared with 0.6 percent from May to June.
    • Comparatively, home values have increased at least 1 percent month-over-month during the previous five months.

    Experts credit some of the market slowdown to seasonal factors, since a lot of people go on vacation in July.

    The fact that there is more inventory on the market may also play a role.

    For instance, on a national scale, the for-sale home inventory was down 5.3 percent in July year-over-year. But in January, that inventory was down 16 percent year-over-year.

    Moreover, between June and July, the housing inventory increased by 1.4 percent.

    This increase in housing inventory is giving home buyers more options when it comes to what kind of home they want.

    Experts also contend that the recent slowdown in home price increases is a positive sign. That’s because rapid appreciation encourages house flipping, which causes home prices to skyrocket to unaffordable levels.

    If prices keep rising as fast as they have been, it will create a bubble, which is what caused the housing market to crash in the first place.

    A slower rising home value environment, on the other hand, will encourage home ownership and lasting investment.

    National Housing Market Experts

    All of the recent data suggests that home buyers and home sellers are likely to encounter a much more balanced, and less frenzied, housing market.  This is sure to give both groups confidence in the overall health of not only the market, but their home investment.

    Check back here soon to see more updates on the state of the national housing market, and what it means for interested home buyers and sellers!