“From a regional standpoint, sales were weak in the South and West, down 3.0% and 3.7%, respectively. Sales in the Midwest and North, on the other hand, were up 4.7% and 9.1%, respectively,” noted Sterne Agee chief economist Lindsey Piegza. “Bottom line, demand for housing remains uneven after months of heightened sales activity earlier in 2013. Now against the backdrop of minimal income growth and a still-tepid labor market, demand continues to wane.
“For potential homebuyers, rising prices are eroding affordability, putting further downward pressure on consumer’s ability and willingness to finance a home purchase. From the owner’s perspective however, rising prices are helping to create and maintain a wealth effect, fueling (or at least helping to support) consumer spending,” she said.
So the numbers are showing a really slow start to the spring buying season. The lack of inventory has driven prices up and created a very competitive buyers market. Click the link below to read more about it in the article I found on housingwire.com.
How many times have you heard real estate and good investment in the same sentence or even paragraph? Not many in the last several years but check out this article I found on bizjournals.com
A 2011 Gallup poll found that gold was the most popular response, but gold prices dropped significantly after that.
Lack of inventory! I Found a great article on housing wire.com about how the tight inventory is holding back the housing recovery in the Pacific Northwest. Brokers are reporting rising prices on fewer sales in March. Check it out.
Compared to last year, closed sales were about the same as twelve months ago, with 5,753 completed transactions, just slightly above 5,745 closed sales in 2013.
Okay here we are, heading into the 2014 spring real estate season. It seems we are entering this season with a rather interesting problem. Lack of inventory; too few selling and buyers that are starting to not be able to afford what is for sale. Because of the competitive market that we are in buyers are having to look at lower price points. A recent report from the MLS ( multiple listing service) shows housing prices in the metro puget sound area up in march from a year ago and according to the S&P/ Case-shiller index there has been a more than 12% jump in the average home price on a national level. The reason for the jump in pricing is due to the lack of inventory we are experiencing. We need sellers! Buyers hang in there, the numbers are starting to trend the other way as we roll into this spring season; we are seeing higher numbers of listings coming on every month. Happy Masters week!!
Jason Moon Real Estate Broker with ColdWell Banker Bain. Seattle, WA