US Real Estate Market Grow: In this article, they will talk about the leading indicators of home buying demand to get some indication about what lies ahead with the US housing market.
Leading Indicators of Home Buying Demand
Jason Waltry is a real staging referral for real estate agents. In this article, they will talk about the leading indicators of home buying demand to get some indication about what lies ahead with the US housing market.
The National Association of Realtors just announced their February report. Home showings decreased by 14% compared to February of 2022. Also, showings decreased in every single one of the major regions they track. The West region felt the most down with a 19% decrease, the Northeast fell by 14%, and a decrease of 11% in the South.
However, the seven-day moving average as of March 26 is an increase of 19.6% this year compared to the first week of last year.
Fewer people are searching for homes for sale on Google this year compared to one year ago, down approximately 12%. The pending home sales for February is down approximately 25% compared to February of 2022, but in 2021, it saw a 39.1% increase in showings compared to the same time frame in 2020.
We have twice as many real estate showings in 2020 compared to 2015. On the other hand, we are down about 47%-50% when it comes to the number of houses for sale compared to pre-pandemic levels.
Despite that, the housing market demand has increased right now. We have a higher amount of contracts being signed compared to 2017 through 2019. It’s an exciting thing, although we don’t know what it’s telling everyone.
The average monthly housing payment has increased by $408 compared to one year ago.
Home showings across North America, according to the National Association of Realtors, were down 14% year over year, and decreases occurred in every major region. The biggest decrease was in the West, down by 19%. Compared to pre-pandemic levels in 2017, 18, and 19, we have more contracts being signed between buyers and sellers.
However, fewer people are searching for homes for sale on Google, down by 12% on a year-over-year basis.
A lack of housing affordability is attributed to the increase in rates and prices compared to a year ago. Many contracts are being made between buyers and sellers in the housing market. Stay tuned for more updates on the latest developments. Please share your biggest takeaways from the video and hit the like button if you found any value in it.
Here are some key points:
- Decrease in housing affordability due to higher rates and prices
- Many contracts being made in the housing market
- Stay tuned for more updates