Here's how the national housing market has been trending for the past couple of weeks and its comparison with the time when the shutdowns were imposed in the country.
- Housing demand continues to outpace the supply side.
- With buyers active in the market because of the uptick in mortgage rates, homes are selling quickly.
- Time on the market was 35 days faster than last year.
- Homes are expected to be selling fastest from now until mid-summer.
- The housing market is still relatively undersupplied, and buyers can’t buy what’s not for sale.
- New listings were down 1 percent, taking a dip after 8 consecutive weeks of growing numbers of new sellers.
- Fannie Mae's May 2021 survey shows the rising seller sentiment, so this week’s dip in new listings should be a temporary one.
- The potential gains in new listings will lead to some big numbers ahead in the peak homebuying season.
- Total active inventory or homes for sale on the market remains 46 percent below this time last year.
- This means a still limited number of homes for sale, but a substantial improvement over the last few weeks.
- The total number of homes actively available for sale continues to be less than half of what it was last year.
U.S. House Price Index Report - 2021 Q1
(source - https://tinyurl.com/dzx7c2bj)
U.S. house prices rose 12.6 percent from the first quarter of 2020 to the first quarter of 2021 according to the Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices were up 3.5 percent compared to the fourth quarter of 2020. FHFA's seasonally adjusted monthly index for March was up 1.4 percent from February.
“House price growth over the prior year clocked in at more than twice the rate of growth observed in the first quarter of 2020, just before the effects of the pandemic were felt in housing markets," said Dr. Lynn Fisher, Deputy Director of FHFA's Division of Research and Statistics. “In March, rates of appreciation continued to climb, exceeding 15 percent over the year in the Pacific, Mountain and New England census divisions."
View highlights video featuring Dr. Lynn Fisher at https://go.usa.gov/xHuY5.
The top five states with the highest annual house appreciation were:
- Idaho 23.7 percent
- Utah 19.2 percent
- Arizona 17.4 percent
- New Hampshire 16.2 percent
- Connecticut 15.9 percent
The states showing the lowest annual house appreciation were:
- Hawaii 4.7 percent
- Louisiana 6.8 percent
- Wyoming 6.9 percent
- North Dakota 7.5 percent
- Mississippi 8.1 percent
(Source: CAR - Market Minute - https://www.car.org/marketdata/marketminute)