Multiple-Offer Situations : More Common Nationwide
The housing market is in recovery. This much is clear. Little-by-little, sector-by-sector, data proves what today’s home buyers are learning the hard way — there’s competition for right-priced homes and competition is driving home prices higher.
Multiple-offer situations aren’t just relegated to San Francisco, California; or, Brooklyn, New York, either. Now, they’re extending into markets including Dallas, Texas; Chicago, Illinois; and, Miami, Florida.
Home values won’t recover to pre-crash levels soon, but there’s a lot about which to get excited in housing.
Stimulus Plans Unlocked Housing, Led To Gains
If you want hear about the housing recovery, talk to an active home buyer in today’s market. You’ll hear that low mortgage rates make homeownership attractive — if only there were more homes to buy. Supplies remain limited and few new homes are coming online.
However, if you want to see the data behind what buyers tell you, consider :
- Existing home sales are up nearly 10% over one year ago.
- Home builder report more buyer foot traffic than at any time in the past 5 years.
- New home construction of 1-unit homes is higher in 4 straight months and higher by 25 percent since June of last year.
- The Case-Shiller Index reports higher home sale prices in half of its 20 tracked cities as compared to last year.
- New homes are selling at the fastest pace since April 2010, the last year of that year’s federal home buyer tax credit.
There’s no secret about why housing has recovered. A series of stimulus programs late last decade put the recovery into motion and now, today, low mortgage rates are pushing home affordability to record levels nationwide.
Homeownership is affordable to more U.S. households than at any time in history.