Prospective homebuyers in Dunlap, Illinois.
Daniel Acker Bloomberg | Getty Images
The competition in the housing market finally began to cool this year, as listings multiplied and price gains moderated. The bid wars became less frequent, and spring sales increased slightly. Well, forget it. The heat is on again.
Housing shortage that ran competition and resulted in sky-high price gains through 201
The number of sales sales was up 2.8% annually in June, but that was down from corn 2.9% gain. Storage gains began to slow this year from 6.4% growth in January to 5.8% in February. The gain continued to slow through the spring, and the supply is now expected to flatten over the next three months and could hit its first decline in October this year, according to realtor.com
"It was only 18 months since the number of homes for sale slashed "The lowest level in recorded history triggered the strongest competition among buyers we have ever seen. If the trend we see continues, overall holdings can reach record highs by next year," says Danielle Hale, CFO of Realtor.com. weak response to low mortgage rates, but if they spark fresh buyer interest later in the year, US stocks could set new record levels this winter. "Part of the problem is that fewer owners are now listing their homes for sale and there are several reasons
"It is probably a combination of rate locks, recently reduced consumer confidence and older generations choosing to get older," la Hale.
It's still pretty low, but so many homeowners refinanced their loans as prices were even lower moving would mean paying more for the same home loan, on top of paying more for a home away from home. Even the sellers who want to reduce will move into a pricier market.
The housing price increases had fallen, but the gains increased again in June for the first time in 14 months, CoreLogic said.
"Interest rates on fixed-rate mortgages fell by almost one percentage point between November 2018 and May," said Dr. Frank Nothaft, chief economist at CoreLogic. "This has happened in the home sales home. The sale has created in May, and annual housing price growth increased for the first time since March 2018. "
All real estate is local of course, and inventory is leanest in some of the country's most affordable markets. In the 46 major markets tracked by Redfin, a real estate agency and analysis company dropped inventory in June for the first time since September last year, cities such as Memphis, Pittsburgh and Oklahoma City saw double-digit decline in housing offerings, while much pricier markets such as San Jose, Seattle and Boston still experienced inventory gains "Lower interest rates give buyers back, but without enough homes for sale to meet demand, we expect to see more bidding wars, which will push up prices this summer," said Redfin chief economist Daryl Fairweather. "We expect small inland markets where a typical home is still affordable for a middle-class family to warm up the most."