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Hot Housing Market

On the most recent National Association of Realtors’ Existing Home Sales report, which measures contracts that were signed for existing homes purchased in a given month, increased by 3.6% in the month of December and by 10.8% from a year ago!  The sales pace is their best level since 2018.  The median average home price increased by 7.8% for December, which was reported at $274,500.  First time home buyers accounted for 31% of the purchases.  This is a very strong report as is, but it’s even more impressive because housing inventories are at their lowest levels on record. 

Housing Starts, which measure the beginning of new construction for a house, increased by 16.9% in December, representing a thirteen-year high.   Year over year housing starts are up over 40.8% for December.  When looking deeper into the report, we see that single-family home starts increased by 11.2% in December, which represents the highest gain in starts since 2007.   Multifamily home starts were up 32% in December and up by 74.6% for the year term.

These two reports give us some very encouraging signs that the housing market is continuing to be very stable and healthy.   

 

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Sources:

http://bit.ly/2MJU6mf

http://bit.ly/37qTud7