National Real Estate Market Not Slowing Down

Nationwide, it seems that the market is not slowing down with the Pandemic.

A shortage of homes for sale and record low interest rates are creating a competitive home shopping summer, with a housing market getting closer to pre-pandemic levels, according to Realtor.com.

Today's market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season.  home buyers, trying to take advantage of record low mortgage rates and make up for lost time, are finding limited and more expensive option according to Realtor.com.

Housing shortages continue.  Over the last three weeks combined, new listings are down an average of 14% from a year ago.  Also median listing prices continue to increase at 7.9% over last year, which is faster than the pre-pandemic pace.
Source: Realtor.com

Main take-aways:

- new listings were down 19%
- total inventory was down 32%
- time on market just a tad slower.
- The West and NorthEast are leading the recovery
- interest rates are low, very low.
See the full article here along with the situation per main City area in the US.

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Francis
Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Total Student Debt Could Buy Every House on the Market ... Twice

According to a new study by Realtor.com, total student debt could buy every house on the market in the US.. twice!

Part of this interesting article by Kelsey Ramirez is below:

"Total student debt in the U.S. reached $1.5 trillion, a new all-time high, according to a new study by realtor.com. But what does that mean for the housing market?

The number $1.5 trillion sounds like a lot, but how much is it really when you break it down? Divided out, the average student loan borrower owes about $34,500, that’s $8,500 more than the typical down payment of $26,000, or an average 10% of the median home price of $260,000.

Put another way, $1.5 trillion is enough to buy every single home on the market in the U.S. Twice.

Let that sink in.

“Student debt has ballooned to an all-time high as the price of education continues to outpace wage growth, and this is holding back many potential buyers from being able to purchase a home,” realtor.com Senior Economist George Ratiu said. “Student debt is already impacting borrowers’ ability to buy a home and education debt is expected to hamper consumers’ financial decisions for many years down the road.”

The Department of Education explained that because wage growth is stagnant compared to the rapidly rising costs of education, students are taking on more debt than ever before to cover their expenses. Since 1986, tuition at public universities has grown at four times the rate of wage growth."

See the link to the full article from Housing Wire.

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low.  It's a good time to buy now