Home prices in the U.S. rose 1.7 percent in the first quarter of 2018 according to the Federal 
Housing Finance Agency's (FHFA's) House Price Index (HPI). The FHFA said that house prices rose 6.9 percent from the first quarter of 2017 and the first quarter of 2018.
'Home prices continue to rise across the U.S. but there are signs of tapering,' said Dr. William Doerner, Senior Economist at FHFA.'Since housing markets began to rebound in 2012, house prices appreciation has been positive because demand has outpaced supply.
In the last month, however, some regions reflect a slowing or even flattening of house price growth.'
But Sales Struggle to Overcome Housing Shortages
Total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and
co-ops—decreased 2.5 percent to a seasonally adjusted annual rate of 5.46 million in April. Sales are now 1.4 percent below a year ago. This also marks the second consecutive month sales have fallen on an annual basis.
However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.”
For the inventory that is out there, homes are selling fast. Strong buyer demand mixed with low inventory levels are prompting homes to sell at a record pace.
Here’s a closer look at some of the key indicators from NAR’s latest housing report:
Home prices: The median existing-home price for all housing types in April was $257,900, up 5.3 percent from a year ago.
Inventories: Total housing inventory at the end of April rose 9.8 percent to 1.80 million existing homes available for sale. Inventories are still 6.3 percent lower than a year ago. Unsold inventory is at a four-month supply at the current sales pace.“What is available for sale is going under contract at a rapid price,” Yun says.
Days on the market: Properties stayed on the market an average of 26 days in April, down from 29 days a year ago. Fifty-seven percent of homes sold in April were on the market for less than a month.
We realize the decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested in a wealth of information and 18 years of experience to help you get started visit us at Precision Realty & Assoc. LLC or if you prefer a more personal touch, CALL 801-809-9866 today.
Regional Breakdown
The following is a breakdown of existing-home sales across the country in April:
Northeast: existing-home sales dropped 4.4 percent to an annual rate of 650,000, and are now 11 percent below a year ago. Median price: $257,200—2.8 percent higher than a year ago.
Midwest: existing-home sales were unchanged month-over-month at an annual rate of 1.29 million in April, and are 3 percent below a year ago. Median price: $202,100—up 4.6 percent from a year ago.
South: existing-home sales dropped 2.9 percent to an annual rate of 2.33 million in April, but are still 2.2 percent above a year ago. Median price: $227,600—up 3.9 percent from a year ago.
West: existing-home sales dropped 3.3 percent to an annual rate of 1.19 million in April and are 0.8 percent below a year ago. Median price: $382,100—up 6.2 percent from a year ago.
Source: National Association of REALTORS®
#RealEstateForSale #Homeownership #UtahRealEstate
Housing Finance Agency's (FHFA's) House Price Index (HPI). The FHFA said that house prices rose 6.9 percent from the first quarter of 2017 and the first quarter of 2018.'Home prices continue to rise across the U.S. but there are signs of tapering,' said Dr. William Doerner, Senior Economist at FHFA.'Since housing markets began to rebound in 2012, house prices appreciation has been positive because demand has outpaced supply.
In the last month, however, some regions reflect a slowing or even flattening of house price growth.'
In this video, Doerner gives a breakdown of how prices performed across regions.
Total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and
co-ops—decreased 2.5 percent to a seasonally adjusted annual rate of 5.46 million in April. Sales are now 1.4 percent below a year ago. This also marks the second consecutive month sales have fallen on an annual basis. However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.”
For the inventory that is out there, homes are selling fast. Strong buyer demand mixed with low inventory levels are prompting homes to sell at a record pace.
Here’s a closer look at some of the key indicators from NAR’s latest housing report:
Home prices: The median existing-home price for all housing types in April was $257,900, up 5.3 percent from a year ago.
Inventories: Total housing inventory at the end of April rose 9.8 percent to 1.80 million existing homes available for sale. Inventories are still 6.3 percent lower than a year ago. Unsold inventory is at a four-month supply at the current sales pace.“What is available for sale is going under contract at a rapid price,” Yun says.
Days on the market: Properties stayed on the market an average of 26 days in April, down from 29 days a year ago. Fifty-seven percent of homes sold in April were on the market for less than a month.
We realize the decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested in a wealth of information and 18 years of experience to help you get started visit us at Precision Realty & Assoc. LLC or if you prefer a more personal touch, CALL 801-809-9866 today.
Regional Breakdown
The following is a breakdown of existing-home sales across the country in April:
Northeast: existing-home sales dropped 4.4 percent to an annual rate of 650,000, and are now 11 percent below a year ago. Median price: $257,200—2.8 percent higher than a year ago.
Midwest: existing-home sales were unchanged month-over-month at an annual rate of 1.29 million in April, and are 3 percent below a year ago. Median price: $202,100—up 4.6 percent from a year ago.
South: existing-home sales dropped 2.9 percent to an annual rate of 2.33 million in April, but are still 2.2 percent above a year ago. Median price: $227,600—up 3.9 percent from a year ago.
West: existing-home sales dropped 3.3 percent to an annual rate of 1.19 million in April and are 0.8 percent below a year ago. Median price: $382,100—up 6.2 percent from a year ago.
Source: National Association of REALTORS®
#RealEstateForSale #Homeownership #UtahRealEstate
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