• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Here’s The Latest Housing Market News From Realtor.com

Tomi Mccarthy by Tomi Mccarthy
September 5, 2020
Home Real Estate
Share on FacebookShare on Twitter

Median listing prices rose 19% in Philadelphia in August
getty
Realtor.com recently released the latest numbers on the country’s housing market. Economists crunched the numbers from August. Despite a 10 % year-over-year increase in the national median listing price to $350,000, the market is hotter and more competitive than ever. This current listing price growth is the highest in three years.
“The biggest surprise I saw was that home prices are growing at a faster pace than we have seen in years,” notes realtor.com’s chief economist Danielle Hale. “Despite the economic environment the historically low mortgage rates have brought buyers into the market in a frenzy,” she adds.
The August Monthly Housing Trends Report found homes selling at their fastest pace in 15 months. According to the report, one of the drivers is a significant decline in inventory — at the end of August, there were nearly 500,000 fewer homes available for sale compared to a year ago. While the number of homes listed for sale in the top 50 largest metros showed a year-over-year 38.1% decline. That is even higher than July’s 34.8 %. This national number from realtor.com tells the story. Buyers in competitive Southern California markets including Los Angeles and San Diego can tell you trying to buy a home today is beyond stressful.
That key August listing price number jumped an average of 8.9% in the country’s 50 largest metros. Compare that to 7.8 % in July. Leading in year-over-year price gains is the Northeast region. Listing prices rose 19% in Philadelphia, 14.7% in Boston; and 12.2% in Providence-Warwick. The Miami-Fort Lauderdale-West Palm Beach market was the only metro to experience a decline in listing prices.
Let’s take a deep dive into the top markets. The Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md metro performed the best. The median listing price there rose 18.6 % to $343,000. Homes sold 15 days faster than last August. The active inventory count was down 45 %. The already pricey Boston-Cambridge-Newton, Mass.-N.H. metro saw the median listing price increase to $678,500. That was a 14.7 % increase.

Midwest metros including Cleveland, Cincinnati, and Kansas City also saw sharp price increases. The Cincinnati metro had a 17.8 % year-over-year median listing price gain. That put the median listing price at $327,300. Moving across the country to the San Francisco-Oakland-Hayward, Calif. metro the median listing price there increased 12.3% to $1,029,100. Hard to believe these stats as the pandemic continues.
Realtor.com’s Hale provides some takeaways moving forward. “We are seeing this buyer urgency because there was no spring buying season. Buyers are playing catch-up. We keep looking for signs of the market slowing and are just not seeing them right now.” That’s good news for sellers and real estate brokers.

Tags: latest housing market news
Tomi Mccarthy

Tomi Mccarthy

Next Post
Gold plunges ₹ 1,492, silver tanks ₹ 1,476

Vodafone Idea surges ahead of board meet

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Jio flags spectrum auction delay

Jio flags spectrum auction delay

September 29, 2020
Meet The Guilt-Ridden Oil Billionaire Trying To Save The Planet

Meet The Guilt-Ridden Oil Billionaire Trying To Save The Planet

October 8, 2020

Trending.

Understanding Emergency Rental Assistance For Landlords And Tenants

Understanding Emergency Rental Assistance For Landlords And Tenants

January 27, 2021
Facebook Bars Deceptive Campaign From Pro-Trump Group

Facebook Bars Deceptive Campaign From Pro-Trump Group

October 10, 2020
Nirmala Sitharaman press meet live | Centre announces Atmanirbhar Bharat Rozgar Yojana for formal sector

Nirmala Sitharaman press meet updates | Finance Minister announces 12 schemes to boost economy

November 12, 2020
Call of the mall – The Hindu

Call of the mall – The Hindu

October 16, 2020
Missing Middle Housing Is A Huge Opportunity Offering Resilient Investment And High Demand

Missing Middle Housing Is A Huge Opportunity Offering Resilient Investment And High Demand

February 17, 2021

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus Covid COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Brotherly Bonds Through Selling San Diego Real Estate

Brotherly Bonds Through Selling San Diego Real Estate

March 6, 2021
How Your ‘Free’ Buyer’s Agent Increases The Cost Of Homeownership (And What Homebuyers Can Do)

How Can Landlords Prepare For 2021?

March 5, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.