It’s almost Thanksgiving and the end of the year. At Housefax, we’re looking back on a wonderful year of making the home buying and selling process more transparent with our comprehensive property history reports. We’re also thankful that we’ve been able to join forces with some of the best in the industry including CoreLogic, Keller Williams and HouseMaster.
Plus it’s been a great year for the consumer real estate industry! Continuing the upward trend of the past couple years, homes continue to hold their value and many people are getting the opportunity to experience homeownership. As we look back on 2016, here are five real estate trends that make us thankful.
Home prices in the U.S., including the sales of distressed properties, rose for the 56th consecutive month in September, a 6.3% increase over September 2015. Home prices reached new highs in 15 states and the District of Columbia: Arkansas, Colorado, Iowa, Indiana, Kentucky, Louisiana, North Carolina, Nebraska, New York, Oregon, Tennessee, Texas, Utah and Washington. (Source: 247wallst.com)
2. More First-time Homebuyers
In September, the rate of first-time homebuyers increased to 34% of the market share, the highest since July 2012, up from 31% in August and 29% last year. These buyers helped sales of existing homes keep up a good pace into the fall. (Source: HousingWire.com)
According to a recent Zillow survey, millennials account for more than 50% of today’s homebuyers and are bringing a savvier, more deeply researched approach to the home buying process. As Zillow Chief Economist Svenja Gudell puts it, “they’re using every available resource, including online research and real estate professionals, and taking on the challenge with gusto.” (Source: HousingWire.com)
4. Fewer Distressed Sales
Distressed sales — foreclosures and short sales — as a percent of residential sales fell to 4% in September. That’s the lowest level since the National Association of REALTORS® began keeping track in October 2008. In 2012, distressed and short sales made up about a third to half of all sales. (Source: BusinessInsider.com)
In August, the rate for a 30-year fixed home mortgage fell to 3.36%, a record low not seen since December 2012. (Source: Bloomberg.com) Although rates have risen since then, including a sharp uptick after the Presidential election, the 30-year fixed rate is hovering around 3.94%, still lower than this time last year. (Source: SeattleTimes.com)
It seems 2016 really has been a great year for consumer real estate! What are you thankful for this year?