NEWS Flash!!!
Good morning Real Estate Professionals. I could not wait for next Monday to update you on some key things within the Real Estate industry. First let me say the media is lying to the public. Existing Home Sales report just came out. This report measures closing on existing homes and that sales were up 15% in February. This is a stronger outcome than expected since estimates were at 5% gain.
Now the media announces today, Breaking News Prices GO Negative, Medium Price is down, .2%.
Remember, the median home price is not appreciation, but rather the middle-priced home. That means if more lower priced homes are selling, this number will fall. You could have all homes prices increase, but the median price fall, if more concentration of sales were on the lower end. Actual appreciation is up 8.4% year over year according to FHFA and 5.8% according to Case Shiller. And when looking at the breakdown of sales, you saw an increase in homes sold between $0-$100K & $100K to $250K, while you saw decreases in the higher categories. This is the reason the median price fell. (see chart) The middle price range fell.
Homes remained on the market on average for 34 days with 57% of homes on the market for less than 30 days. If the home is priced right, it is selling.
Inventory levels remain very low but are actually up 15% year over year. There is 2.6 Months supply of homes, which is tight, since 4.6 months is considered normal. Even thou the media is reporting inventory is up, this is only true in Year over Year….Inventory is up only from an historical low in Feb of 2022. Supply is still limited. (see chart)
With the Recent Banking issues and now the media lying about the Real Estate Market Data, why are they trying to create a false front in the only industry that has helped the USA come out of every recession in history?
I hope this is informative and wondering what you think? Also am I asking the right questions??
Since leaving the US Army in 1990, Blair has been serving and helping people. With an extensive customer service background along with integrity, strong work ethic and a personal desire to see others succeed in their dreams, Blair helps you to succeed in buying a home.
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