July Housing Market trends

    Market Perspective: Fast Facts About the Housing Market
    Construction of New Homes
    Continues to Pick Up
    quote mark National housing market indicators available as of June
    show activity in housing markets overall improved.
    quote mark
    — U.S. Department of Housing and Urban Development
    New Home and New Housing Data

    The median price of previously owned (existing) homes reached $264,800 in May, an all-time high! This was 4.9% higher than a year ago and marked the 75th straight month of YoY gains.3

    Houses and Trees Graphic
    New vs. Existing Home Sales (thousands)4
    New vs. Existing Home Sales Chart
    Hurdles to Homebuilding
    Hurdles to Homebuilding Graphic

    Despite high demand, today’s homebuilders face a number of challenges that may impact future sales.

    Shortage of skilled workers, Rising costs of materials, Low land supply, Local zoning ordinances
    Home Values Now 16% Higher Than Pre-Recession Peak7
    From April 2017 to April 2018, home values rose 6.4%.
    Monthly House Price Trends by Index
    Dash

    Homeowner Equity Continues to Grow4

    The number of underwater mortgages is shrinking.
    Now may be a great time for homeowners to tap into their equity!
    Mortgages with Negative Equity: 2011 12.1M, 2017 2.5M

     

    Sources:
    [1] U.S. Census Bureau, Monthly New Residential Sales, May 2018.
    [2] U.S. Census Bureau, Monthly New Residential Construction, May 2018.
    [3] National Association of Realtors® (NAR), Existing-Home Sales, May 2018.
    [4] U.S. Department of Housing and Urban Development, Housing Market Indicators Monthly Update, June 2018.
    [5] NAHB, Eye on Housing, June 2018.
    [6] Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing report, 2018.
    [7] Federal Housing Finance Agency (FHFA) purchase-only index, April 2018.

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