Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

July’s home sales end a 9-month climb of annual inventory growth

Home sales grew 2.4% in July, while inventory fell 1.4%

In July, home sales grew 2.4%, ending a nine month climb of year-over-year inventory growth, according to the RE/MAX National Housing Report.

RE/MAX reports the number of homes for sale fell 1.4% from 2018’s level and 0.2% from the previous month. This decline represents the smallest month-over-month decrease since July 2013.

July sales snapped back after a tepid June as low interest rates appear to have brought more buyers into the mix, RE/MAX CEO Adam Contos said.

“The housing market has been a bit uneven since the early spring, with each encouraging month seemingly followed by one with lukewarm results,” Contos said. “It’s possible the housing market has finally shaken some mud off its boots and can maintain its momentum for the back half of the year. If the broader macro environment hangs on, we could see a potentially strong finish to 2019.”

According to RE/MAX, July posted a 2.7-month supply of inventory, falling from 3.3-month supply in July 2018. Additionally, homes spent 43 days on the market, which is two days longer than they did last year.

The median price for a home was $273,00 in July, rising 9.2% from last year. Even with the increase from a year ago, July’s median price was below June’s all-time record high of $276,000.

“Home prices have risen, year over year, in 88 of the last 90 months dating back to February 2012,” Contos said. “Although lower interest rates help affordability, we have now seen two straight months of accelerating price increases. If the trend continues, it’s not an encouraging development for buyers.”

NOTE: The RE/MAX National Housing Report is based on MLS data in approximately 53 metropolitan areas, including all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. 

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