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July Housing Market trends

Market Perspective: Fast Facts About the Housing Market
Construction of New Homes
Continues to Pick Up
quote mark National housing market indicators available as of June
show activity in housing markets overall improved.
quote mark
— U.S. Department of Housing and Urban Development
New Home and New Housing Data

The median price of previously owned (existing) homes reached $264,800 in May, an all-time high! This was 4.9% higher than a year ago and marked the 75th straight month of YoY gains.3

Houses and Trees Graphic
New vs. Existing Home Sales (thousands)4
New vs. Existing Home Sales Chart
Hurdles to Homebuilding
Hurdles to Homebuilding Graphic

Despite high demand, today’s homebuilders face a number of challenges that may impact future sales.

Shortage of skilled workers, Rising costs of materials, Low land supply, Local zoning ordinances
Home Values Now 16% Higher Than Pre-Recession Peak7
From April 2017 to April 2018, home values rose 6.4%.
Monthly House Price Trends by Index
Dash

Homeowner Equity Continues to Grow4

The number of underwater mortgages is shrinking.
Now may be a great time for homeowners to tap into their equity!
Mortgages with Negative Equity: 2011 12.1M, 2017 2.5M

 

Sources:
[1] U.S. Census Bureau, Monthly New Residential Sales, May 2018.
[2] U.S. Census Bureau, Monthly New Residential Construction, May 2018.
[3] National Association of Realtors® (NAR), Existing-Home Sales, May 2018.
[4] U.S. Department of Housing and Urban Development, Housing Market Indicators Monthly Update, June 2018.
[5] NAHB, Eye on Housing, June 2018.
[6] Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing report, 2018.
[7] Federal Housing Finance Agency (FHFA) purchase-only index, April 2018.

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