Posts with tag 'sellers market'
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25
Why Today Continues to Favor Sellers in the Market
Even though activity in the housing market has slowed from the frenzy that was the 'unicorn' years, it's still a seller's market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house? The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It's also measured by months' supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there's usually about a six-month supply. Today, we have only about 3 months' supply of homes at the current sales pace (see graph below): 
10
National and Local Outlook on Inflation and House Prices
Brian Sullivan, Senior National Correspondent and News Anchor of CNBC's 'Worldwide Exchange', recorded a segment in the Quad Cities earlier this month that included insights from local businesses around our area on how the Midwest is dealing with inflation, mortgage rates, home appreciation, and the housing supply and demand. Brian sits down with John Anderson of Quad Cities Bank and Trust, Tim Baldwin, Co-Owner of Front Street Brewery, and Ruhl&Ruhl's very own Chris Beason to better understand how inflation affects everything from the cost of beer to lumber and supplies for new construction.
"We are very fortunate here in the Midwest to be lagging in some of the natio...
10
Local Housing Prices Continue Upward Trend
Five-year home appreciation in our region was between 23.45% and 28.98% with all of our regional Metropolitan Statistical Areas experiencing positive gains. In the past year, home prices in our area have increased: +12.68% in Dubuque; +9.93% in Iowa City; 12.34% in Cedar Rapids; and +10.54% in the Quad Cities. This compares to other cities: Des Moines +15.08% and Chicago +13.35%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less. "High appreciation rates continued across housing markets during the first quarter of 2022," said William Doerner, Ph.D., Supervisory Economist in FHFA's Division of Research and Statistics. "Strong demand coupled with tight supply have kept prices climbing. Through the end of March, higher mortgage rates have not yet translated...
