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Showing posts with the label Prices

Contract Signings Point to Healthier Market for Home Buyers

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The housing market is shaping to be a  rosy real estate outlook  economists are predicting for 2025. In the latest sign of improvement,  pending home sales —a gauge of future home sales based on contract signings—rose 2.2% month over month in November, the National Association of REALTORS® reports. Marking the fourth consecutive month of increases, contract signings are up nearly 7% from a year ago and are at their highest level since February 2023. “Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” says NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.” Several recent housing indicators have painted a healthier picture of the market: Existing-home sales j...

Home Values Rise Even as Median Prices Fall

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  Home Values Rise Even as Median Prices Fall Headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a   buyer   or   seller , it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market. To show you how this works, here’s a simple explanation of a median ( see visual below ). Let’s say you have three coins in your pocket, an...

Central Ohio Housing Report September 2024

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COLUMBUS, Ohio (Oct. 23, 2024)— September saw a 2.6% increase in closed sales, and inventory rose to a two-month supply for the first time in six years in the latest set of housing statistics issued by Columbus REALTORS®. The total inventory of homes for sale in the Columbus & Central Ohio Regional MLS was 4,804 in September, up 4.7% from last month and 32.6% year over year. The last time inventory reached a two-month supply in central Ohio was August 2018, when 5,429 homes were listed. “For the better part of two years, we saw a large majority of homeowners choosing to stay in their homes,” said Columbus REALTORS® President Scott Hrabcak. “As mortgage rates dropped and inventory increased, the market stabilized, but sales remained consistent. In the end, consumers have more choices.” There are similarities between September 2024 and August 2018. There were 3,249 closed sales, with an inventory of 5,429 homes. That month, there were 3,821 new listings, and homes sold at a one perce...