U.S. Real Estate Market Data Free Of Spin
Posted on April 14, 2014 | Back to blogAdviceMarket NewsReal Estate
So often today when numbers are presented you can’t tell if there’s an objective or ulterior motive
A lot has been made of the real estate market.
What will or won’t happen.
When those predictions will happen.
As is the case with the things like this, some of the guesses are doom and gloom while others are its daisies and lilies in sun fields with no problems at all.
Very rarely is it somewhere in between.
Why is it that people have to go to the extremes?
That’s a debate for another day.
There is no spin of the data or slant for the objective from the people behind it.
These are the numbers and nothing else.
You make of the data what you will once you look at it.
It’s often said the best indicator of future behavior is past behavior.
The same is true for numbers and dates, especially when it deals with the real estate market.
Unless there is a drastic change in the market, you won’t see a drastic change in the numbers from quarter to quarter or year to year.
For the last quarter of 2013, existing homes for sale was 1,860 compared to 2,170 for the third quarter. At the same time a year ago, the number was 1,830. So a difference of 30.
New homes for sale was 171 compared to 181 the prior quarter and 150 a year ago.
The median new home price increased from $264,800 in the third quarter to $266,900 in the fourth. A year ago, the median home price was $251,700.
In terms of numbers that tell the story, that is the one.
People want to know if they sell their home if they will make money.
The other area of concern for those who sell their home is how long will it take?
The fourth quarter saw five months, down from 5.4 for the third. A year ago, the time was 4.5 months.
The number that could continue to rise in 2014 is the interest rate.
A year ago for a 30-year fixed the rate was 3.36 percent.
In the third quarter, that number jumped to 4.44 and dropped a skosh to 4.30 for the fourth.
If you to buy a home in the next year, you should probably plan on a 30-fixed montage of close to 5 percent. That could happen by the summer.
But the point of this is to have you look at the numbers and data for yourself without someone in your ear who could affect how you look and perceive the numbers.
Make your own judgment.
Make your own decision.
One aspect of today’s society is it seems no one is capable of making their own decisions.