2021 Q2 Report: Everything you need to know about the housing market right now (Latest)
A quick digest of what’s important in today’s market:
- Double-Digit Annual Gains
- Housing inventory crisis
- 11 million families are at risk of losing homes
- Where rent is rising and falling
- Market Predictions
- Market Trends
Double-Digit Annual Gains
The CoreLogic Home Price Index, a monthly index that tracks home prices based on repeat sales, showed that U.S. home prices increased 10% in January 2021. This is the biggest annual gain since November 2013.
Original Story: Link
Housing inventory crisis
The National Association of Realtors (NAR) reported that there’s been a 48.6% decrease in the inventory of existing homes for sale. This is a record-setting decline.
A study from Altos Research shows that even before the pandemic, the supply of homes for sale had been in a steady downward trend for at least the last seven years.
Because of the inventory crisis, 11 million families are at risk of losing homes
The Consumer Financial Protection Bureau (CFPB) just published a report titled “Housing insecurity and the COVID-19 pandemic.”
CFPB looked at and researched relevant data to determine the impact the pandemic will have on the rental and mortgage market, and particularly its impact on low income and minority households.
The Consumer Financial Protection Bureau found that 11 million renters and homeowners are struggling to keep up with their mortgage payments and rent. This places 10% of American families at heightened risk of homelessness.
Where rent is rising and falling
Across the country, Zumper found that rent for a one-bedroom apartment was up 1.8% from February YOY, 2.6% higher for two-bedroom apartments.
The national upswing did not accommodate all rental markets the same. Due to the COVID-19 pandemic, renters moved out of expensive cities and into cheaper ones nearby.
Here are the stats for these six California cities:
1. The rental rates in San Francisco have decreased by 24.3% year-over-year and 29% from their peak of June 2019.
2. Rents in San Jose were down 11.7% from a year ago — and down 15% from July 2018’s peak.
3. Rents in Oakland decreased by 15.6% annually and decreased by 20% from their October 2018 peak.
4. Rental properties in Los Angeles were down 15.6% from last year’s — and 22% since their peak in October 2018.
5. Renting in San Diego raised by 4.0% — and it is down 7.0% from its December 2018 high.
6. Rents in Santa Ana rose 0.6% YOY, but they were down 11% from their peak in September last year.
Market Predications
Nationally, home prices may have risen 14.1% YOY in January, but the average monthly payment only rose by $5-$10. This is because mortgage rates were at or near historic lows. Rising mortgage rates could definitely cool the housing market. As of now, there’s a lot of momentum pushing real estate prices up. It’s likely that they’ll keep moving higher in the near future.
Business Trends
How Real Estate Teams are using Virtual Assistants
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