Construction of New Homes Continues to Pick Up
"National housing market indicators available as of June show activity in housing markets overall improved."
— U.S. Department of Housing and Urban Development
The median price of previously owned (existing) homes reached $264,800 in May, an all-time high! This was 4.9% higher than a year ago and marked the 75th straight month of YoY gains.3
Hurdles to Homebuilding
Despite high demand, today’s homebuilders face a number of challenges that may impact future sales.
From April 2017 to April 2018, home values rose 6.4%.
The number of underwater mortgages is shrinking. Now may be a great time for homeowners to tap into their equity!
Sources:
[1] U.S. Census Bureau, Monthly New Residential Sales, May 2018.
[2] U.S. Census Bureau, Monthly New Residential Construction, May 2018.
[3] National Association of Realtors® (NAR), Existing-Home Sales, May 2018.
[4] U.S. Department of Housing and Urban Development, Housing Market Indicators Monthly Update, June 2018.
[5] NAHB, Eye on Housing, June 2018.
[6] Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing report, 2018
[7] Federal Housing Finance Agency (FHFA) purchase-only index, April 2018.