2016 Home Sales Doing Just Fine!!
Some of the housing headlines are causing concern for some consumers who are in the process of either buying or selling a home. Pundits are concerned over the lack of new construction or the month-over-month sales numbers. Let’s set the record straight; 2015 was a good year for residential real estate in the United States and 2016 is starting out stronger.
Here is a graph of total homes sold (new construction and existing homes) in the first two months in 2016 compared to last year:
Will this momentum continue?
If we look at foot traffic (the number of purchasers currently out looking at homes), we can see that the spring buying market has started early and all indicators point to the fact that we may have the best spring in over a decade.
Bottom Line
The 2016 housing market started out well and looks to be gaining steam. If you are thinking of buying or selling a home, now may be a great time.
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There’s a real shortage of inventory in some markets. The more people that are buying, the faster prices are going to rise. I’d jump in and buy before prices go even higher.
What source are the authors of this post using to base their “foot traffic” numbers? Are they talking about showings, or hits on websites?
We get our information from the National Association of Realtors (NAR).
Here is the latest report from NAR discussing foot traffic: http://www.realtor.org/infographics/february-2016-foot-traffic
At the bottom of the page, note the paragraph that says, “Every month SentriLock, LLC. provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC. are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future. This infographic shows the latest index data along with trends and changes.”