Real Estate Market Update - Where are we "May Report Out"
For all of us real estate junkies data plays a great role in decision points, with telling us what our next moves will be whether in the Commercial or Residential Real estate market. Today Realtor.Org posted there latest numbers, with lots of folks talking about a cool down period now is an opportunity to access how far along we are in the Economist forecast. That said the real estate market appears to be local don't mistake this for an all-encompassing crystal ball to your decision points. Take a look at the current Market Outlook.
This caption shows us that the Market in the South is hot possibly due to having one of the lower costs of entry in comparison to the North East and the West Coast:
More of the same data points highlighting that the points with lower costs entry points are where the buyers are going which could show a case of a strain of affordability will peak at that next:
See below how the affordability index has gone down yet still haven't reached the lowest levels of year 2000:
Even with the strains, consumers are comfortable in this market by this latest infographic:
They have not yet put the pedal to the metal in applying for mortgage applications:
Sales also reflect the slower application rate:
Maybe because all the houses are old, but the builders are building and sellers are selling check out the inventory growth:
We know that it's more expensive because of the higher rate of current homeowners this coupled with lower rates could be a match in heaven:
Here goes the factor that offsets higher costs in some ways: