Buyers Turning to New Homes as Existing Inventory Shrinks

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The NAHB/Wells Fargo Housing Market Index (HMI) is based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market. The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next six months as well as the traffic of prospective buyers of new homes.

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New-home sales were up 7.5% in the first eight months of 2017 compared with a year earlier. Hurricanes Harvey and Irma also are likely to take a toll on the market in the coming months, delaying.

First home buyers continue declining in home mortgage market first-time home buyers amounted to just 29% of all the existing-home sales. In a normal housing market, they would account for more than 40% of sales. And I can see the weakness of the housing market.

The NEW KDWN mobile app!. home prices rise as Inventory Shrinks. The median price for existing single-family homes sold in Southern Nevada in February was $275,000. That’s an increase of 3.

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Inventory of available homes shrinks as seller’s market emerges across the region. It’s just on the lower end of an equal marketplace." The market is boosting prices, although Realtors say they aren’t seeing big spikes. The average sales price in July in the region was $255,125, an increase of 5.6% from a year earlier. Even in Charlotte, where supply is tighter, the average sales price increase rose 4.1% from July 2014.

“Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income,

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“Housing inventory declined from last year and supply in many markets is very tight, which in turn is leading to bidding wars,” Yun said. The number of existing homes. homeowners who want to buy a.

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Michael J. Berens is a freelance researcher and writer with more than 30 years of experience in association communication and management. He can be reached at mjberensresearch@gmail.com.