Survey: Spring Real Estate Market

A growing number of Americans believe now is a good time to purchase a home as the real estate market heads into what is traditionally its busiest season of the year. In the first quarter of 2019, 37 percent of consumers said they “strongly believe” that now is a good time to buy, up from 34 percent in the last quarter of 2018, according to the National Association of REALTORS®’ latest Housing Opportunities and Market Experience Survey.

Why are Americans more upbeat? Lower mortgage rates and greater inventory may be driving more home shoppers this spring. “Inventory has been rising, so those buyers interested in making a purchase will not be limited in choices,” says NAR Chief Economist Lawrence Yun. “Additionally, more stable home price trends are leading to more foot traffic at various open house gatherings.”

Source: “Q1 2019 Housing Opportunities and Market Experience (HOME) Survey,” National Association of REALTORS® (March 20, 2019)

Home Asking Prices Zoom to Record Highs

A robust spring market is causing sellers to up their asking prices, according to a preliminary analysis of May data from realtor.com®. Great news, California has dominated the hot list for some months.

“This spring real estate market is coming in strong, just as we expected,”says Jonathan Smoke, realtor.com®’s chief economist. “Pent-up demand and low mortgage rates are driving consumers into the market with urgency. However, the recurring issue of limited supply is leading to higher prices.”

Source: “America’s 20 Hottest Real Estate Markets for May 2016,” realtor.com® (May 26, 2016)