News / Features
The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.
More than 4,500 homes in the Seattle metro area have sold for more than $100,000 over their asking prices this year, and 580 of those fetched more than $300,000 over the asking price, according to a new Redfin report.
The shortage of housing in America is more “dire” than previously expected, and the NAR’s new report puts pressure on lawmakers to provide additional public funding and policy incentives to fix this massive underbuilding gap.
Market competition has eased up recently, but seven in 10 buyers still face bidding wars, according to a new report from Redfin.
Inventory levels rebounded last month, finally showing signs of recovery following a year of historical declines.
The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, while month-over-month sales in Seattle bucked the trend slightly, climbing 0.4%, according to the RE/MAX May National Housing Report.
Although pending sales are up 29% from last year, they are starting to slow down, dropping 9.7% from their peak four weeks ago.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
The rise in equity could help stave off foreclosures because homeowners can tap into that equity and sell their home, unlike during the 2008 financial crisis when many homeowners found themselves underwater in their mortgage, according to CoreLogic.
Experts at Builder Magazine recently came out with their Local Leaders list for 2020, which ranks the country’s 50 largest new-home markets based on closings by the end of the year.