3 Graphs that Show What You Need to Know About Today’s Real Estate Market
The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!
The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.
Interest Rates:
“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac
Income:
“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR
Home Prices:
“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.
Bottom Line
These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!
Real Estate Tops Best Investment Poll for 7th Year Running
Real Estate Tops Best Investment Poll for 7th Year RunningEvery year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or...
How Did Covid-19 pandemic affect Salt Lake County home sales
How did the Covid-19 pandemic affect Salt Lake County home sales? In April, sales of all housing types fell to an eight-year low, and were down 28 percent compared to April 2019. The silver lining? Deferred spring home sales are now being realized as the market...
Are You Ready for the Summer Housing Market?
Are You Ready for the Summer Housing Market? As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the...
Is a Recession Here? Yes. Does that Mean a Housing Crash? No.
Is a Recession Here? Yes. Does that Mean a Housing Crash? No. On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:...
Real Estate Will Lead the Economic Recovery
Real Estate Will Lead the Economic RecoveryWith more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the...
Unemployment Report Blows Away Skeptics
Unemployment Report Blows Away Skeptics Last Friday, the U.S. Bureau of Labor Statistics released their May Employment Situation Summary. Leading up to the release, most experts predicted the unemployment rate would jump up to approximately 20% from the 14.7% rate...
June is National Homeownership Month
National Homeownership Month Some Highlights National Homeownership Month is a great time to reflect on how we can each promote stronger community growth. Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a...
The Expert Economic Recovery Forecast
10 Questions to Ask an Elder Law Attorney
10 Questions to Ask an Elder Law Attorney Elder law attorneys cover a wide variety of legal areas, potentially including guardianship, long-term care planning, knowledge of government benefit programs, powers of attorney, estate planning, advance medical directives,...
Three Things to Understand About Unemployment Statistics
Three Things to Understand About Unemployment StatisticsTomorrow morning the Bureau of Labor Statistics will release the latest Employment Situation Summary, which will include the most current unemployment rate. It will be a horrific number. Many analysts believe...