Demand is Rising, But Inventory Plummets in Lower Price Points.
Bargain hunters or those looking to break into the housing market may need to face the reality that finding a home for less than $250,000 is getting tougher and tougher.
Homes priced under $100,000 plunged 20.7 percent in March month over month, and the percentage of homes under $250,000 has ped 7.8 percent, according to the National Association of REALTORS®’ latest housing report.
The median home price was $250,400 in March, up 5.8 percent from a year ago.
“In general, we’re seeing that there aren’t enough homes available for sale across all price ranges.” “But the biggest shortage is under $250,000.”
Buyers looking for affordability will find existing homes significantly less expensive than buying a new home. Existing-home sale prices are about 30.5 percent lower than newly constructed homes. The median price of a newly constructed home was $326,800 in February, according to the Commerce Department.
Expects listings to pick up in April and May, which is generally the peak spring buying season for real estate. Also, an early inventory in the first half of April suggests that the number of homes for sale was increasing in line with seasonal expectations.
“Abnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March.” “While inventory levels are still not nearly high enough to meet strong buyer demand, we do expect listings to pick up in April and May.”
“The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels,” says Lawrence Yun, NAR’s chief economist.
“Supply is woefully low, and home prices keep climbing, If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. #RealEstateForSale #Homeownership
Source: “Spring 2018 Report: realtor.com® (April 23, 2018)
Homes priced under $100,000 plunged 20.7 percent in March month over month, and the percentage of homes under $250,000 has ped 7.8 percent, according to the National Association of REALTORS®’ latest housing report.
The median home price was $250,400 in March, up 5.8 percent from a year ago.
“In general, we’re seeing that there aren’t enough homes available for sale across all price ranges.” “But the biggest shortage is under $250,000.”
Buyers looking for affordability will find existing homes significantly less expensive than buying a new home. Existing-home sale prices are about 30.5 percent lower than newly constructed homes. The median price of a newly constructed home was $326,800 in February, according to the Commerce Department.
Expects listings to pick up in April and May, which is generally the peak spring buying season for real estate. Also, an early inventory in the first half of April suggests that the number of homes for sale was increasing in line with seasonal expectations.
“Abnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March.” “While inventory levels are still not nearly high enough to meet strong buyer demand, we do expect listings to pick up in April and May.”
“The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels,” says Lawrence Yun, NAR’s chief economist.
“Supply is woefully low, and home prices keep climbing, If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. #RealEstateForSale #Homeownership
Source: “Spring 2018 Report: realtor.com® (April 23, 2018)
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