Posts with tag 'inventory'
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18
Home Appreciation is Strong and Stable in our Region
Five-year home appreciation in our region was between 10.36% and 15.26% with all of our regional Metropolitan Statistical Areas experiencing a positive gain. "Home prices continue to rise across the U.S. but there are signs of tapering," said Dr. William Doerner, Senior Economist. "Since housing markets began to rebound in 2012, house price appreciation has been positive because demand has outpaced supply. In the last month, however, some regions reflect a slowing or even flattening of house price growth." In the past year, home prices are up: 5.14% in Dubuque; 3.11% in Iowa City; 1.89% in the Quad Cities and 3.26% in Cedar Rapids. This compares to other cities: Des Moines, IA up 4.61% and Chicago, IL up 4.50%. This data is provided by the FHFA for the first quarter of 2018 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA | + 3.26% | + 10.36% |
| Davenport-Moline-Rock Island, IA-IL | + 1.89% | + 10.41% |
| Des Moines-West Des Moines, IA | + 4.61% | + 21.73% |
| Dubuque, IA | + 5.14% | + 12.38% |
| Iowa City, IA | + 3.11% | + 15.26% |
| USA | + 6.89% | + 34.25 |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the first quarter of 2018. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
"Years of low inventory and pent up buyer demand have resulted in a Seller's Market in the affordable price ranges across many of our local areas," said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. "We are unsure of how long this trend will continue, especially given the trends with mortgage rates. We urge people who are on the fence about selling their home to contact your local real estate professional for a free market analysis." Wondering how appreciation has affected your home? Contact your Ruhl&Ruhl Realtor to receive your free market analysis! Or contact us at 1.866.441.1776 or customerservice@ruhlhomes.com to be put in touch with a local, trusted expert!
5
NAR Confidence Index Survey
The National Association of REALTORS® (NAR) conducts a survey that gathers monthly information from REALTORS® about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions. Check out some of the results from the survey below!
Characteristics of Buyers and Sellers
First-time buyers accounted for 29 percent of sales in September of 2017 compared to 34 percent in September of 2016. Twenty percent of sellers in September of 2017 offered incentives such as paying for closing costs. These incentives include paying for closing costs, providing a warranty, undertaking remodeling, and providing appliances.Issues Affecting Buyers and Sellers
From July-September 2017, 73 percent of contracts settled on time compared to 63 percent in September of 2016....27
Why Are So Few Homes for Sale?
There is no doubt that the largest challenge in today's housing market is a lack of housing inventory for sale. This challenge has been defined as an "overwhelming lack of supply," and even a "straight up inventory crisis." First American just released the results of a survey which sheds light on the reasons for the current lack of supply. The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
- 47% - existing homeowners are worried that they will not be able to find a home to buy
- 26.5% - first-time buyer demand is absorbing a large share of available h...
