Real Estate Insider Blog
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According to the National Association of Home Builders (NAHB), "Builder confidence in the market for newly constructed single-family homes remained on firm ground in October, down two points to a level of 63 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
Even with this month's drop, builder confidence stands at its second-highest level in 2016, a sign that the housing recovery continues to make solid progress," said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. However, builders in many markets continue to express concerns about shortages of lots and labor.
The October reading represents a mild pullback from a jump in September, and indicates that the housing market continues to make slow and steady gains," said NAHB Chief Economist Robert Dietz. "Moreover, mortgage rates remain low and the HMI index measuring future sales expectations has been over 70 for the past two months. These factors will sustain continued growth in the single-family market in the months ahead."
Home prices in Tampa Bay are continuing to rise and prices are surging even higher in Pinellas County. The real estate market continues to provide home sellers and buyers with outstanding conditions and encouraging even more attention from surrounding areas. Tampa Bay saw the highest increase out of ALL Florida metro areas with an impressive 20% jump in the month of August whereas Pinellas County soared even higher according to the Tampa Bay Times.
Breaking Down the Numbers
The number of homes sold in June was about the same as the same time in June of 2015. This means that inventory, overall is low. For those who are planning on selling a home right now, that's good news. Home values are on the way up as a direct result of limited inventory. For those planning to buy right now, it’s not a good time to “sit on the fence” and interest rates are already predicted to increase after the election. Anyone schooled in basic economics understand “supply and demand” and right now there are more buyers in the market right now than sellers – this is a key reason you'll want to take action quickly and work closely with a local real estate agent like Christopher Milson. Be sure to you seize the opportunity before the train leaves the station and you end up paying way more than you should have.
When it comes down to location, here are some key facts:
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