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Selling Real Estate? Numbers You Need to Know!
The National Association of Realtors released their latest quarterly report on March 15th. The report opens up exclaiming, "The strongest quarterly sales pace in exactly a decade put significant downward pressure on inventory levels and caused price growth to further accelerate during the first three months of 2017." In other words, demand continues to outpace supply, and home prices are continuing to rise because of it. The result? "Metro home prices have now accelerated for three consecutive quarters."
Have a pen and paper handy? Don't worry, the following statistics pulled from this report will be easily accessible on our blog:
- The national median existing single-family home price in the 1st quarter of 2017 was $232,100. This is up 6.9% from the first quarter of 2016.
- The median price during the 4th quarter of 2016 increased 5.9% from the 4th quarter of 2015.
- SFH prices last quarter increased in 85% of measured markets – 152 out of 178 metro statistical areas showed sales price gains in the 1st quarter of 2017 compared with the 1st quarter of 2016.
NAR chief economist Lawrence Yun reported that quote, "Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter." Furthermore he said, "Those able to successfully buy most likely had to outbid others – especially for those in the starter-home market – which in turn quickened price growth to the fastest quarterly pace in almost two years."
Total existing-home sales, which includes SFH and condos, climbed 1.4% to a seasonally adjusted annual rate of 5.62 million in the first quarter – this is the highest it has been since the first quarter of 2007!
At the end of the first quarter of 2017, there were 1.83 million existing homes available for sale, which was 6.6% below the 1.96 million homes for sale at the end of the first quarter in 2016. The average supply during the first quarter was 3.7 months – down from 4.2 months in the first quarter of last year.
The market is hot, and we only just entered the heaviest home-selling months of the year – May, June, July and August – which account for 40% of an average year's total home-selling volume!
The views of this blog, podcast, and on this site in general are solely those of the authors, Matt Weaver (NMLS-175651) and Zack Lewis, and do not express the views or opinions of Finance of America Mortgage.
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By Matt Weaver, Zack LewisThe National Association of Realtors released their latest quarterly report on March 15th. The report opens up exclaiming, "The strongest quarterly sales pace in exactly a decade put significant downward pressure on inventory levels and caused price growth to further accelerate during the first three months of 2017." In other words, demand continues to outpace supply, and home prices are continuing to rise because of it. The result? "Metro home prices have now accelerated for three consecutive quarters."
Have a pen and paper handy? Don't worry, the following statistics pulled from this report will be easily accessible on our blog:
- The national median existing single-family home price in the 1st quarter of 2017 was $232,100. This is up 6.9% from the first quarter of 2016.
- The median price during the 4th quarter of 2016 increased 5.9% from the 4th quarter of 2015.
- SFH prices last quarter increased in 85% of measured markets – 152 out of 178 metro statistical areas showed sales price gains in the 1st quarter of 2017 compared with the 1st quarter of 2016.
NAR chief economist Lawrence Yun reported that quote, "Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter." Furthermore he said, "Those able to successfully buy most likely had to outbid others – especially for those in the starter-home market – which in turn quickened price growth to the fastest quarterly pace in almost two years."
Total existing-home sales, which includes SFH and condos, climbed 1.4% to a seasonally adjusted annual rate of 5.62 million in the first quarter – this is the highest it has been since the first quarter of 2007!
At the end of the first quarter of 2017, there were 1.83 million existing homes available for sale, which was 6.6% below the 1.96 million homes for sale at the end of the first quarter in 2016. The average supply during the first quarter was 3.7 months – down from 4.2 months in the first quarter of last year.
The market is hot, and we only just entered the heaviest home-selling months of the year – May, June, July and August – which account for 40% of an average year's total home-selling volume!
The views of this blog, podcast, and on this site in general are solely those of the authors, Matt Weaver (NMLS-175651) and Zack Lewis, and do not express the views or opinions of Finance of America Mortgage.