The Headlines vs. Real Estate Market Reality
If you are shopping for a home, you are watching the news. Lately, there is an interesting conflict between the headlines and what we see in our local real estate markets. I wanted to share a few and give you a market perspective.
Headline: Home Prices In America Had Their Largest Drop In Two Years - Wall Street Journal
Market Reality: Median home prices are up 7% since January (Ycharts). Month over month, home values have increased since their winter lows.
Headline: Americans have had a sudden change of heart about buying a house, and only 1 in 5 think it’s a good idea - Fortune Magazine
Market Reality: Last week, there were 402K homes in contract and only 436K active listings. The last time buyer demand was this high was during the pandemic. (Altos Research)
Headline: Housing Inventory Recovery Continues At A Breakneck Speed, Giving Buyers More Choices - Forbes
Market Reality: Currently, the number of homes for sale is less than 50% of pre-pandemic levels. Inventory has climbed, but buyer demand continues to exceed supply pushing prices up.
For qualified buyers, now could be a great time to review your options and start building equity.
Happy Househunting! |
Credit to Envoy Mortgage & BKCO
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