{"id":6874,"date":"2021-04-27T06:00:51","date_gmt":"2021-04-27T10:00:51","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6874"},"modified":"2021-04-27T06:00:51","modified_gmt":"2021-04-27T10:00:51","slug":"will-the-housing-market-maintain-its-momentum","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6874","title":{"rendered":"Will the Housing Market Maintain Its Momentum?"},"content":{"rendered":"
\n

\"Will<\/p>\n

Last week\u2019s Existing Home Sales Report<\/a> from the National Association of Realtors<\/em> (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed \u2013 there aren\u2019t enough homes to buy<\/strong>. There are currently 410,000<\/a> fewer single-family homes available for sale than there were at this time last year.<\/span><\/p>\n

Lawrence Yun, Chief Economist <\/em>at NAR, explains in the report:<\/p>\n

\n

\u201cThe sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.\u201d<\/em><\/p>\n<\/blockquote>\n

Yun\u2019s insight was supported the next day when the Census Bureau<\/em> released its Monthly New Residential Sales Report<\/a>. It shows that newly constructed home sales are up 20.7% over the previous month.<\/strong><\/p>\n

Buyer demand remains strong. With more of the adult population becoming vaccinated and job creation data showing encouraging signs, existing-home inventory is expected to grow in the coming months.<\/p>\n

What will this mean for home sales going forward?<\/strong><\/h4>\n

Fannie Mae<\/em><\/a>, Freddie Mac<\/em><\/a>, and the Mortgage Bankers Association<\/em><\/a> (MBA) have all forecasted that total home sales (existing homes and new construction) will continue their momentum both this year and next. Here\u2019s a graph showing those projections:\"Will<\/a><\/p>\n

Bottom Line<\/strong><\/h3>\n

Living through a pandemic has caused many to re-evaluate the importance of a home and the value of homeownership. The residential real estate market will benefit from both as we move forward.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"WillLast week\u2019s Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,84,86,122],"tags":[],"class_list":["post-6874","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-buyers","category-housing-market-updates","category-new-construction"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6874"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6874\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}