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Experts Predict A Strong Housing Market For The Rest Of 2019

Tuesday, August 27, 2019

by Elite Asset Management Team

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic

“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR

“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac

“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about your specific market, contact a local real estate professional to find out what’s happening in your area.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

RE/MAX National Housing Report for July 2019

Tuesday, August 20, 2019

by Elite Asset Management Team

Home Sales Increase 2.4% in July, Ending Nine Months of Inventory Growth

DENVER – July home sales bounced back after a sluggish June by increasing 2.4% year over year, according to the RE/MAX National Housing Report. This was enough to end nine months of year-over-year inventory growth as the number of homes for sale declined 1.4%.

A drop in home sales from June to July is typical in the report's 53 metro areas. But the 0.2% decline from June to July 2019 was by far the smallest month-over-month decline since July 2013. And while June sales failed to top May for only the second time in the report's 10-year history, July sales set a report record for the month.

"July sales snapped back after a tepid June, as attractive low interest rates appear to have brought more buyers into the mix," said RE/MAX CEO Adam Contos. "The housing market has been a bit uneven since the early spring, with each encouraging month seemingly followed by one with lukewarm results. It's possible the housing market has finally shaken some mud off its boots and can maintain its momentum for the back half of the year. If the broader macro environment hangs on, we could see a potentially strong finish to 2019."

July's Median Sales Price of $273,000 - while down slightly from June's all-time report record high - was 9.2% higher than July of 2018. It marked the seventh consecutive month of year-over-year price growth. Home prices have risen, year over year, in 88 of the last 90 months dating back to February 2012. Said Contos, "Although lower interest rates help affordability, we have now seen two straight months of accelerating price increases. If the trend continues, it's not an encouraging development for buyers."

July's Days on Market total of 43 saw sales closing at the same rate as they did in June, but taking two days longer than in July 2018. Months of Inventory in July 2019 totaled 2.7, down compared to June's 2.9 and 3.3 in July 2018.

Closed Transactions
Of the 53 metro areas surveyed in July 2019, the overall average number of home sales is down 0.2% compared toJune 2019, and up 2.4% compared to July 2018. Leading the month-over-month sales percentage increase wereHonolulu, HI at +11.8%, Anchorage, AK at +10.2%, and New York, NY at +9.2%.

Median Sales Price – Median of 53 metro median prices
In July 2019, the median of all 53 metro Median Sales Prices was $273,000, down 0.7% from June 2019, and up 9.2% from July 2018. Three metro areas saw a year-over-year decrease in Median Sales Price including Anchorage, AK at -3.2%, Trenton, NJ at -2.1%, and San Francisco, CA at -2.0%. Five metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Wichita, KS at +16.7%, Cleveland, OH at +12.9%, and Cincinnati, OH at +11.7%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in July 2019 was 43, equivalent to the average in June 2019, and up two days from the July 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 21, Manchester, NH at 24, and Cincinnati, OH at 26. The highest Days on Market averages were in Augusta, ME at 87, Miami, FL at 82, and Hartford, CT at 72. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in July 2019 was down 2.2% from June 2019 and down 1.4% from July 2018. Based on the rate of home sales in July 2019, the Months Supply of Inventory decreased to 2.7 compared to 2.9 in June 2019, and decreased compared to 3.3 in July 2018. A six months supply indicates a market balanced equally between buyers and sellers. In July 2019, of the 53 metro areas surveyed, only Miami, FL at 6.8 reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Phoenix, AZ and Boise, ID, both at 1.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Rent Vs. Own

Tuesday, August 13, 2019

by Elite Asset Management Team

Some Highlights:

Owning your own home vs. renting may lead to some great options, such as locking in your monthly payments and having the freedom to customize your living space.
Whether you rent or own, you have to cover someone’s mortgage costs. You may as well be doing so to build your own wealth, rather than that of your landlord.
Renting and owning both have up-front fees when you sign your lease or close, respectively. Think about putting that money to work for you!

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

Displaying blog entries 1-3 of 3