Are We in a Buyer's Market?

By
Real Estate Broker/Owner with StoneCrest 01704912, Cal Bar 242498

The numbers for August and adjusted numbers for July 2013 are in. There have been several headlines lately which appear to be indicating a shift from supply to demand which would shift the market from a seller's market to a buyer's market. A new report by Realtor.com found that as the year’s peak home-buying season comes to a close that key market indicators are showing a shift in the dynamics of the housing market. This suggests that future home value appreciations are likely to be driven by market demand, rather than inventory shortage as we have seen in the last couple of years. Continue reading for additional reports and data that support this.

Realtor.com® Key National Market Indicators for August 2013

 
 

August 2013

Year-over-Year %

Change

Month-over-Month %

Change

Number of Listings

1,977,202

-2.50%

0.93%

Median Age of Inventory

92 days

-8.00%

8.24%

Median List Price

$199,900

6.39%

0.00%

 

Applications for New Home Sales Decreased in August

The Mortgage Broker Association’s builder application survey data for August showed that mortgage applications for new home purchase decreased 14% in August compared with July. In addition the average loan size of new homes decreased from $288,382 in July to $284,392 in August.

August Single-Family Home Sales Pull Back

July was a strong performance for single family homes, but the California Association of Realtors reported that California’s housing market pulled back in August as mortgage rates increased. Sales in August were down 2 percent in July and down 1.9 percent when compared to August 2012.

To continue reading about additional reports, data and our personal experiences as well as the most current mortgage rates please read our Litchney Law Firm blog.

Posted by

Experienced Sacramento Real Estate Attorney and Sacramento Realtor

Sarah Litchney is a licensed California Attorney, and Sacramento Realtor with StoneCrest Realty. StoneCrest Realty is a full service residential and commercial real estate brokerage.  Click the link to view the StoneCrest Realty blog.

Her practice centers on transactional real estate work. She represents developers, investors, and individual buyers and sellers and their funds in a wide range of matters including acquisitions, dispositions, development, leasing, financing, short sales, general real estate transactions and foreclosures. Her clients range from individuals, investors, corporations, and institutions across all asset classes of real estate, including residential, multi-family and commercial.

Contact Sarah Litchney by calling 916.378.5760.
Attorney, broker at StoneCrest Realty. DRE License # 01704912.
 

The information on this blog is not, nor is it intended to be, legal advice. Please contact us to obtain legal advice pertaining to your situation. The transmission of information by this blog does not create an attorney-client relationship with the law firm’s attorneys. The relationship would require direct contact between you and the firm, and would also require a written attorney/client agreement that confirms that a relationship is established for legal services to be provided. The invitation to contact the firm is not a solicitation to provide professional services, and should not be construed as a statement as to the availability of any attorneys to perform legal services in any jurisdiction in which such attorney is not permitted to practice. None of the communications transmitted via the blog constitutes a confidential communication, or creates an attorney-client relationship. This blog contains information on legal issues, and is not a substitute for legal advice from a qualified attorney licensed in the appropriate jurisdiction. 

Comments (2)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Hmmm...appreciate all stats reports.   What occurs in your area is often mirrored in my discretionary region within about 6 months.

Sep 26, 2013 02:34 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Real Estate Advocate

I think that many of us across the Country have seen that quick shot upward of market values was due to a shortage of inventory.  That party seems to be over in some markets.  We still have certain pockets of areas that there is a shortage, but the home values are starting to adjust downward, again.

Sep 26, 2013 02:54 AM