Sales of existing homes fell, and much-needed inventory also ticked lower, unfortunately.
However, sales of new homes beat expectations, rising between July and August.
Builder confidence held steady in September, per the National Association of Home Builders Housing Market Index. This real-time read on builder confidence came in above expectations. The drop in lumber prices and stabilization of other prices increased confidence, yet ongoing supply chain issues and labor shortages are expected to persist.
Housing Starts, which measure the start of construction on homes, rose. While this is positive on the surface, the data shows that starts for single-family homes, which are in such high demand among buyers, fell. Building Permits, a good forward-looking indicator of construction, increased in August while Single-family Permits only inched higher. More on what this means below.
CoreLogic released their second quarter Equity Report, showing that equity has increased almost 30% from last year. Negative equity homes decreased by 12% from the first to second quarter and 30% year over year. This equates to only 2.3% of all mortgaged properties.
Basically, home inventory remains tight.
About the Author
Ryan Christensen
Responsive, Responsible and Resourceful - How Real Estate Should Be. This is the foundation of our continued success: responsive service, providing accurate and timely information, and demystifying the process. 100% of my business is referral based because I listen to my clients' needs and exceed their expectations. As a full-time real estate broker, I am the best advocate for both my buyers and sellers. I am always available, regardless of the time of day.
Being a native Southern Californian is a tremendous advantage. I know the area. Time is more valuable than money, but neither can be wasted. And, I'm a fan of hard work. My clients can enjoy their home buying and/or selling experience because I provide a trusting, focused, straightforward approach. I look forward to helping you achieve your goals and find joy in homeownership.
I am both a licensed Real Estate and Mortgage Broker. Others choose to concentrate on one or the other. I provide a higher level of service and expertise than those who do not obtain this dual skill set, which differentiates me from other service providers. My decisions and advice are based solely on what is in the best interest of my clients. I use Real Estate Sales as a tool to make sure my clients get the home that meets or exceeds their needs. As a Mortgage Broker, I search for the best loans so I can offer lower rates and pricing than my financing competition. This certainly IS in the client's best interest.