Fall Home Selling Checklist
Fall Home Selling Checklist Some Highlights When it comes to selling your house, you want it to look its best inside and out so it catches the attention of buyers. A real estate professional can help you decide what to do to make that happen. Focus on tasks that can...
Top Reasons Homeowners Are Selling Their Houses Right Now
Top Reasons Homeowners Are Selling Their Houses Right Now Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current home. You may even have...
Getting Your House Ready To Sell? Work with an Agent for Expert Advice
Getting Your House Ready To Sell? Work with an Agent for Expert Advice In a market that’s shifting as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional...
Watching the Stock Market? Check the Value of Your Home for Good News.
Watching the Stock Market? Check the Value of Your Home for Good News. While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner,...
Existing-home sales rose slightly during February after two consecutive months of regression.
Total existing-home sales increased by 3 percent last month to a seasonally-adjusted average of 5.54 million, according to the National Association of Realtors. Sales are up 1.1 percent from a year ago.
Buyer demand remains strong thanks to a healthy economy spurred by job growth and wage increases. While inventory levels are still low, they took a step in the right direction last month. Total housing inventory increased by 4.6 percent in February to 1.59 million existing homes for sale, per the NAR. However, inventory levels are down 8.1 percent compared to last year and has fallen year-over-year for 33 straight months.
Properties remained on the market for an average of 37 days last month and 46 percent of homes sold in February were listed for less than a month, per the NAR.
Housing affordability is becoming a concern as median existing-home prices continue to rise. The median existing-home price was $241,700 in February, an increase of 5.9 percent compared to February 2017.
Mortgage rates are also rising in tandem with home prices. The average commitment rate for a 30-year, conventional fixed-rate mortgage increased for the fifth straight month to 4.33 percent in February. That’s the highest rate since April 2014, when it was 4.34 percent.
NAR Chief Economist Lawrence Yun believes supply must start catching up to demand soon to balance the market.
“Mortgage rates are at their highest level in nearly four years, at a time when home prices are still climbing at double the pace of wage growth,” Yun said. “Homes for sale are going under contract a week faster than a year ago, which is quite remarkable given weakening affordability conditions and extremely tight supply.
To fully satisfy demand, most markets right now need a substantial increase in new listings.”
Yun believes unseasonably cold weather played a role in muting sales last month, particularly in the Northeast and the Midwest. Mother Nature could impact home sales in March as the Northeast braces for the fourth winter storm to cripple the region in roughly three weeks.