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Homeownership Rate Rises Unexpectedly

For several years following its 2004 peak, the homeownership rate was falling. Fewer Americans were buying homes and, instead, more were choosing to rent. The reasons behind this were fairly obvious.

The housing crash and financial crisis made buying a home difficult for younger Americans who were struggling to get on their feet and kept hesitant homeowners from putting their homes on the market due to lost value. The combined effect was that fewer Americans were in a position to buy and the very idea of homeownership as a wise financial decision was called into question.

Since then, though, home prices have largely bounced back and a stronger job market has led to rising buyer demand. Because of this, the homeownership has now begun to inch back up.

Homeownership Has Now Begun to Inch Back Up

For example, the latest report from the U.S. Census Bureau shows the homeownership rate improved during the second quarter of this year and is nearly one percent higher than at the same time last year. Still, at 63.7 percent, the rate is comparatively low. At its peak, it was near 70 percent. More here.

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That’s right. US prod

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New Home Builders Say Buyer Interest Is Strong

Buyer demand for new homes remains strong, according to the most recent Housing Market Index from the National Association of Home Builders.

The Index – which measures builders’ confidence in the new home market on a scale where any number above 50 indicates more builders view conditions as good than poor – was at 64 in July.


Additionally, individual components measuring current sales conditions and expectations over the next six months both scored 70 or above. Robert Dietz, NAHB’s chief economist, says buyer demand is strong but there are other factors slowing the rate of new home construction. “The HMI measures of currents sales conditions has been at 70 or higher for eight straight months, indicating strong demand for new homes,” Dietz said. “However, builders will need to manage some increasing supply-side costs to keep home prices competitive.” Specifically, builders have expressed concern over the cost of lumber. Naturally, higher lumber prices effect the overall cost of new homes and the number of buyers that can afford them. In other words, the reason more new homes aren’t being built isn’t because of a lack of demand and, in many cases, has more to do with higher material prices and a fewer available lots to build on. More

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What Pending Sales Numbers Mean For Buyers

The National Association of Realtors’ Pending Home Sales Index is a good indication of where home sales will be a month or two down the road. That’s because, it measures the number of signed contracts that occurred during the month, rather than the number of closings. And since there is typically about a month between having an offer accepted and closing the deal, the number of pending sales can be a pretty accurate predictor of future home sales numbers. According to the most recent release, pending sales were down 1.3 percent in April from the month before. Lawrence Yun, NAR’s chief economist, says there may be fewer contracts signed as the spring goes on because of a lack of available listings. “Much of the country, for the second straight month, saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” Yun said. In other words, the number of homes for sale can’t keep up with the number of buyers interested in buying them. That means, home buyers should expect to find competition for the homes that are available for sale this summer. More here.

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Prices Move Higher As Homeowners Stay Put

Widely seen as the leading measure of U.S. home prices, the S&P Dow Jones Indices is a monthly look at home values that has been conducted for more than 27 years. According to the most recent release, national home prices are up 5.8 percent over last year, with the largest gains seen in the West and South. David M. Blitzer managing director and chairman of the index committee at S&P Dow Jones Indices, says there’s some regional variation in how quickly prices are rising, but generally the issue is the number of homes available for sale. “Over the last year, analysts suggested that one factor pushing prices higher was the unusually low inventory of homes for sale,” Blitzer said in a press release. “People are staying in their homes longer rather than selling and trading up.” Because of this, there are fewer homes for buyers to choose from but home sellers, on the other hand, enjoy increasingly favorable conditions. And yet, many current homeowners are staying put. If more homeowners put their homes up for sale, and new home construction continues to improve, the market will balance in the coming months and home price increases will begin to moderate. More here.

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Renovations And The Cost Of Selling

It isn’t just the home’s buyer who has to settle up at the end of the closing process, sellers have costs too. In fact, according to one recent estimate, the average seller spends $15,000 before they hand over the keys to their home’s new owner. A big part of that is closing costs, agent commission, and any repairs required following the home’s inspection. But another chunk of that is renovations done before the sale. In fact, a large majority of homeowners fix up their homes before putting them on the market. Things like having the home painted, cleaned, and staged can add up for the 80 percent of homeowners who decide to spruce things up before showing their house. Nationally, the average cost of home improvements done before selling was $2,650, though that can vary greatly from region to region and is also dependent on the type of work that is done to get the house in shape. Of course, unlike buyers, home sellers have the sale of their home to help cover their costs but – assuming they’re going to buy another home – these expenses will obviously have an effect on how much money they have left over to put toward their next house. More here.

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Today’s Typical Home Sells In Less Than A Month

Home buyers are out in large numbers this spring. Proof of that can be found in the most recent sales report from the National Association of Realtors. Their monthly tally of how many previously owned homes sold the month before found that the typical home for sale was on the market for just 29 days in April, down from 34 days the previous month. That’s a strong indication that buyer demand is outpacing the number of homes for sale this spring. And that’s saying something, especially since April saw a 7.2 percent increase in for-sale inventory by the end of the month. In other words, there are more homes coming on the market but still not enough to match the number of interested home buyers. Lawrence Yun, NAR’s chief economist, says affordable homes are going fastest. “Homes in the lower-and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.” But despite the competition, buyers aren’t deterred. In fact, the number of first-time home buyers was up for the month and, a look at regional results, shows existing-home sales are above or even with last year’s results in the South, West, and Midwest. More here.

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Rents Are Increasing In The Suburbs Too

There are two groups commonly associated with renting. One is young people. The other is people living in urban centers. Conjure up an image of the typical renter and you’ll probably end up imagining someone in their 20s living in a downtown apartment building. The suburbs, on the other hand, have been traditionally thought of as the place you move to when you’re ready to settle down and buy a house. However, new numbers tell a different story. In fact, the latest data shows rental costs are actually rising faster in the suburbs than in cities. Why? There are a couple of reasons. First, rent has been rising rapidly in cities for quite a few years now, which is causing people to look outside city limits for a more affordable place to live. Another is a relative lack of rental properties in the surrounding suburbs. Where there are fewer options, potential renters are going to find rising prices. One option for discouraged renters is to compare the costs of homeownership in their area. In many markets, buying is actually a more affordable option or, at the very least, compares favorably. More here.

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Three Reasons Homeowners May Be Waiting To Sell

When shopping for a house, you have to choose from the homes that are for sale at the time you’re looking. In other words, unless you’re having a house custom built to your specifications, you’re going to have to make do with what’s on the market now. These days, that’s become more challenging in some areas due to the fact that there aren’t as many homes for sale as is historically normal. So why is that? Well, there are a couple of different factors behind current inventory levels. One is homes that have yet to recover their value. If a homeowner purchased their home just before the housing crash, they may be waiting for prices to reach pre-crash levels before selling. Another is mortgage rates. Many homeowners were able to refinance their loans while rates were low and – though they remain lower than historical norms – these potential sellers fear they won’t be able to get as good a deal, if they move now. Finally, and perhaps most significantly, current homeowners are less likely to put their homes on the market if they feel they won’t be able to find a house they like in their price range. However, despite the factors keeping more homeowners from putting their homes up for sale, there are also some reasons to believe that homeowners who have been waiting may end up selling sooner than later. Among them, surging buyer demand, higher prices, and mortgage rates still hovering near historic lows top the list. More here.

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Home Sales Have Best Year Since 2006

In 2016, sales of previously owned homes reached their highest level in 10 years, according to new estimates from the National Association of Realtors. A combination of low mortgage rates and an improving economy helped push sales higher than the year before. Still, they remain about 1 million short of where they were in 2006. Lawrence Yun, NAR’s chief economist, says conditions were favorable for most of the year but December sales declined from the month before. “Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” Yun said. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.” In fact, sales were down 2.8 percent from November, though they remain 0.7 percent higher than they were a year earlier. Still, lower-than-normal inventory levels mean prices could continue to see upward pressure unless more homeowners put their homes up for sale or new home construction ramps up this year. Also in the report, home prices rose 4 percent from December 2015 and inventory has now fallen year-over-year for 19 consecutive months. More here.