The Real Estate Market is Still Held Back by Unsold Homes
The nation’s agenda of unsold homes – an substantial component of a more balanced property market in the second half of 2005 – is growing continually in many areas of the country even though buyer demand continues strong, according to the latest HouseHunt, Inc., quarterly “Current Market Conditions” survey. The percentage of member real estate agents reporting plentiful vs. limited supplies escalated from 33% in the first quarter to 38% in April, May and June.
Exceptions may be South Florida, Arizona, Southern California and certain other housing and job growth hot spots.
Market equilibrium would be attained when the present 4.3-month national housing supply gows to about six months, or about a 50-50 buyer-seller ratio.
HouseHunt, Inc., is a consumer-oriented cyber firm that gives beneficial free information to homeowner s, home buyers and asset sellers. Survey results are based on Current Market Conditions sales data reported by HouseHunt’s Exclusive Agent Referral Network (EARN) members in 47 states.Survey results also included:
• Average national property value appreciation slowed to eight to 10% on an annualized basis in the second quarter as compared to higher, more substantial double-digit amount increases in 12-month comparisons in the previous two to three years.
• First-time buyer activity declined from 40% in the first quarter of this year to 35% in the second quarter even though house loan interest rates continued near historic lows and funding is accessible and relatively easy to find in interest-only and other exotic loans.
• Nine of 10 property sellers are getting 95% or more of their asking prices. Nearly half of those are getting 100% or more. An overwhelming part of sellers are still getting multiple offers.
• Sixty-five percent of listings are selling in 30 days or less.
Michael Bearden, president and CEO of HouseHunt, Inc., welcomes the near-term probability of a slower-paced, more balanced market: “This may be positive news for consumers, particularly for first time and other entry level home buyers. Slower appreciation and a plentiful supply of unsold homes would certainly energize the entire housing market in all pricing ranges. It would also dissipate fears of a housing bubble pricing collapse.”
HouseHunt’s two primary websites, www.HouseHunt.com and www.moveUp.com, offer consumers free of charge information on local communities, free of charge on-line access to real estate listings, zero cost on-line sales data on recent home sales in their communities, free electronic property-matching (where available), buying and selling information, and access to some of the nation’s top-producing and most knowledgeable real estate agents no matter what brand affiliation or geographic limitations.
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