5 ms·
Lies, realtors told me the market was red hot "with no end in sight" and I'm sitting pretty on $1.2m new construction in Goodyear Arizona.
by 100xdang 4y ago
Lies, realtors told me the market was red hot "with no end in sight" and I'm sitting pretty on $1.2m new construction in Goodyear Arizona.
- krallja 4y agoMy realtor just sent out a newsletter today: “Housing Sales Are Taking A Breath If you've been anxious over being able to buy a home, you'll like the latest news from the National Association of REALTORS (NAR) and the Mortgage Bankers Association (MBA). In February 2022, existing home sales were down 2.4% from one year ago and down 7.2% from the month before. Supplies of unsold homes totaled 870,000 units, up 2.4% from January, but remain 15.5% lower than a year ago (1.03 million.) The supply is 1.7 months at the current sales pace, up from 1.6 months in January. The median existing-home sales price rose to $357,300, up 15.0% from a year ago ($310,600), marking 120 consecutive months of year-over-year price increases. This is the longest-running streak on record, according to NAR. Rising interest rates are conflating with rising home prices, impacting new home construction and sales. With mortgage interest rates a full point higher than they were a year ago, new home purchase applications were down for the third consecutive month. Sales were the lowest in seven months at 791,000 units. Mortgage applications for new home purchases decreased 3.9% year-over-year in February 2022. The good news is you may be able to get a proverbial foot in the door soon.”