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The most popular season to buy a home is approaching and competition to buy a house looks stiffer than ever. The U.S. housing market throughout the Black Plague has been characterized by low mortgage rates, elevated buyer demand, and a historically low inventory of existing homes for sale. The S&P CoreLogic Case-Shiller Index, which tracks home prices nationally, grew 11.2% annually in January, according to the S&P CoreLogic Case-Shiller Index significantly faster than the historical 3.9% average. Other, more recent data have shown a continuation of the trend. The price of an existing home grew a record 17.2% annually in March, according to the National Association of Realtors’ existing home sales report.
Competition for homes remains strong too. Data provided by real-estate brokerage Redfin show 43% of homes in March sold above listing price in the large metros it tracks. That’s the highest percentage since the company began collecting the data in 2012. The median home in the brokerage’s universe of metropolitan areas with more than 750,000 people and sufficient data sold for 1.29% above its list price. But sellers in some markets saw higher premiums compared to list price than others. Of the 10 markets with the highest premium on listing price, home buyers in San Jose and Oakland, Calif., saw the greatest difference between listing prices and sale prices. The median home in those places sold for an average 8% and 7.9% above its median listing price in March, respectively, according to the company’s data. If you are interested in sell your house, we buy houses in Fairfield ct fast and on your terms. No matter what condition the property is in, Sell My House 7 will make you a fast, fair no obligation cash offer and get the process started immediately.
The rental market in Greater Boston has been robust. Despite fluctuating rents in the first quarter, it now appears that the rental market has settled down from the peak of the last market cycle, and the regional vacancy rate, which has ranged between 0.4 and 0.7% over the last seven years, may stabilize soon, according to the Boston Area Rental Housing Association. The rental price indexes provided by the association in January showed an increase of 2.6% in rent over the year before. Home prices: But all is not well, as the home price index for Greater Boston also indicated rising prices. At 1,007.7, the index for January marks a jump of 7.1% over the year before. But other, more recent data has shown a continuation of the trend. The price of an existing home grew a record 17.2% annually in March, according to the National Association of Realtors’ existing home sales report. The rental market in Greater Boston has been robust.