What's my home worth?

Enter your information and I'll get right back to you with a free home estimate.
Find out!
check

Sent

What's my home worth?

Enter your information and I'll get right back to you with a free home estimate.
Find out!
check

Sent

Steve Goodman, Realtor, Broker Associate

Find Your Dream Home











Steve Goodman, Realtor, Broker Associate

Pinnacle Estate Properties, Inc.

Will the Housing Market Maintain Its Momentum?

April 27, 2021


Last week’s Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed – there aren’t enough homes to buy. There are currently 410,000 fewer single-family homes available for sale than there were at this time last year.

Lawrence Yun, Chief Economist at NAR, explains in the report:

“The sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”

Yun’s insight was supported the next day when the Census Bureau released its Monthly New Residential Sales Report. It shows that newly constructed home sales are up 20.7% over the previous month.

Buyer demand remains strong. With more of the adult population becoming vaccinated and job creation data showing encouraging signs, existing-home inventory is expected to grow in the coming months.

What will this mean for home sales going forward?

Fannie Mae, Freddie Mac, and the Mortgage Bankers Association (MBA) have all forecasted that total home sales (existing homes and new construction) will continue their momentum both this year and next. Here’s a graph showing those projections:Will the Housing Market Maintain Its Momentum? | Keeping Current Matters

Bottom Line

Living through a pandemic has caused many to re-evaluate the importance of a home and the value of homeownership. The residential real estate market will benefit from both as we move forward.


Tags:

Featured Listings

sold
Sold for $1,510,000 , 4+4 Sand Canyon, House + Guest House+ Barn + Horse Arena+Backyard Pool/Spa/Waterfall, Fire-pit, Built-in BBQ, Sports Court with Majestic Gated Driveway in Amazing Scenic Community, Panoramic Views, A Must See!
$1,510,000
sold
4
beds
4
baths
5,129
Sq Ft
sold
Must see this beautifully Upgraded and impeccably maintained Valencia end of Culdesac Today Tract home situated close to award winning schools, shopping, restaurants. Enter this Spacious 1624 sq ft, 4+2 model w/Newer Vinyl Dual Pane Windows throughout+ +
$619,900
sold
4
beds
2
baths
1,624
Sq Ft
sold
* SPECTACULAR View Home situated atop prestigious Gated West Hills-Valencia offering Master Balcony and Breathtaking Unobstructed Panoramic View on Premier Lot, Built-in Spa and Cascading Waterfall, Private Side Yard & over $90k in upgrades. 1st Floor Bdm
$749,000
sold
4
beds
4
baths
2,502
Sq Ft
sold
MUST SEE-Unique-Beautiful Gated 2 Story West Hills Home at end of Culdesac with Sweeping Views +Privacy! This light & bright treasure boasts 2 balconies to enjoy spectacular views, private hillsides & situated on corner lot. Upgrades, Spacious! See Photos
$699,999
sold
4
beds
3
baths
2,280
Sq Ft

Recent Posts

Get Started!