Housing Market Conditions Mixed But Steady

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Real Estate Agent with Realty One Group Trilogy 01835853

Today's housing market is a mixed bag. On the one hand, a better job market, improving wage growth and low mortgage rates have driven buyer demand higher and made an increasing number of Americans consider buying a house. On the other, too few homes for sale are driving prices upward and new home construction isn't keeping pace with the increase in demand. Fortunately, in some cases, these factors help balance each other out. For example, though prices continue to rise in most markets, mortgage rates remain low – making higher prices slightly more manageable. All in all, Fannie Mae's chief economist, Doug Duncan, says the real estate market isn't likely to change too much one way or the other before the end of the year. “Housing market fundamentals remain a mixed bag. During the second quarter of 2016, both new and existing home sales rose to expansion highs, while single-family starts pulled back, remaining historically low for an expansion,” Duncan explained as part of the group's most recent Economic and Housing Outlook. “Tight housing inventory from a lack of new construction continues to create affordability challenges, particularly at the lower end of the market … We expect home buyers will benefit from improving job and wage growth, more favorable lending standards, and continued low mortgage rates through the rest of the year.” More here.

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Topic:
Real Estate Industry
Location:
California San Bernardino County Rancho Cucamonga
Tags:
housing market
real estate market
seller
buyer
mortgage rates
housing inventory

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Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Danon, nice market update, and sounds similar to Denver.   Hope you continue to see a steady market.

Aug 25, 2016 12:15 AM #1
Rainer
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Danon Burnside
Realty One Group Trilogy - Rialto, CA
Realtor providing you top level service

Thanks Joan! The market seems very steady here in Southern California.

Aug 25, 2016 12:20 AM #2
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Rainer
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Danon Burnside

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