Press Room Archives - Ron Lee Homes

June Home Sales Hit A Record-Setting Rebound

Even though the housing market was severely impacted by the COVID-19 pandemic, it is rebounding at record speeds. According to the latest National Association of Realtors (NAR) Existing Home Sales Report, June marked a record-setting rebound in home sales. NAR reported a 20.7% jump in home sales from May to a seasonally-adjusted annual rate of 4.72 million in June.

“Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major regions achieved month-over-month growth,” reports the National Association of Realtors.

Lawrence Yun, Chief Economist for NAR says this is a major boost for the housing market and the U.S. economy as a whole. He goes on to explain the sales recovery is strong because buyers are back in the market purchasing the properties they have been eyeing during the country’s shut-down.

The low mortgage rates and increase job gains will keep this revitalization going for many months ahead. Mortgage rates are at an all-time low at under 3% for the first time. Everyone wants to take advantage of the rates while they are so low. Low inventory and a massive amount of buyers have increased home prices because of bidding wars. In June the median existing-home price for all types of housing was $295,300 which was up 3.5% from this time last year. This marks the 100 straight months of year-over-year gains.

The housing industry is leading the economy to recovery. This is the right time to purchase a home and a Realtor can take you step by step through the home buying process.

Click Here For the Source of the Information.

September 21, 2020/by Jennifer Graves

Local News

July Sees Expanded Housing Starts

The housing industry and the residential construction industry is still the catalyst for a rebounding economy. Single-family permits and starts gained ground in July. Low-interest rates and the importance of homes due to COVID-19 have fueled the buyer’s market.

According to the NAHB/Wells Fargo Housing Market Index (HMI), single-family permits rose 17% in July. So far in 2020, the total permits for single-family homes on year-to-date bases are up around 6% higher than the first seven months of 2019.

The HMI is based on data collected from the NAHB’s monthly survey which the National Association of Home Builders has been conducting for 30 years. It measures builder’s perceptions of the current single-family home sales and expectations of sales for the next six months. Builders will rate their perception as good, fair or poor.

There are signs that more gains for single-family starts are on the horizon. This can be determined by the fast pace of permits and the renewal of builder confidence. The graph shows that single-family construction has been on the rise since it hit a low in April from the pandemic. April had a 679,000 annual pace while July saw a 940,000 seasonally adjusted annual rate.

Per region single-family starts are up and down depending on the region. In the Northeast single-family starts are down on a year-to-date basis 1%, in the South, they are up 0.7%, in the Midwest they are up 3.4% and in the West, they are also in the positive at 0.5%.

So far the housing market has remained strong during these unprecedented times. The count of single-family homes in various stages of construction is still on the rise. Now is a good time to sell or purchase a home.

Click Here For the Source of the Information.

September 15, 2020/by Jennifer Graves