Boston Realtor Mike Mahoney
Michael Mahoney
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Posts Tagged ‘Housing Market’

Housing Supply Hits Record Low, Igniting Prices

December 26th, 2019 by Michael Mahoney

Housing Supply Hits Record Low, Igniting Prices

From CNBC article by Diana Olick

The number of homes for sale at the end of November was the lowest on record for the month, according to the National Association of Realtors, which began tracking this metric in 1999. There were just 1.66 million homes on the market, down 5.7% compared with November 2018. That represents a 3.7-month supply at the current sales pace, down from a 4-month supply a year ago.

Supply is leanest on the low end, where demand is strongest. For homes priced below $100,000, inventory was down 15% annually. For those priced between $100,000 and $250,000, supplies were 7% lower annually. Supply is only growing on the high end of the market, where demand is weakest.

 

  • The number of homes for sale at the end of November was the lowest on record for the month, according to the National Association of Realtors, which began tracking this metric in 1999.
  • There were just 1.66 million homes on the market, down 5.7% compared with November 2018. That represents a 3.7-month supply at the current sales pace, down from a 4-month supply a year ago.
  • For homes priced below $100,000, inventory was down 15% annually.

 

“Low mortgage rates, a resilient labor market and sustainable home value appreciation combine to offer enticing buying conditions,” said Matthew Speakman, an economist at Zillow. “But a deepening and worrisome inventory shortage, particularly at more-affordable price points, continues to constrain the market and muffle the optimism of many would-be buyers itching to capitalize on these favorable trends.” Matthew Speakman – Zillow Economist

March Boston Housing Market

May 8th, 2019 by Michael Mahoney

March Boston Housing Market

Boston, MA, — Sales of single-family homes saw a boost, while condominium sales softened in March in Greater Boston amid an increased inventory and appreciating home values, according to data issued today from the Greater Boston Association of REALTORS® (GBAR).

 

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Fannie Mae: Housing market will stabilize in 2019

January 22nd, 2019 by Michael Mahoney

Fannie Mae: Housing market will stabilize in 2019

After multiple rate hikes brought volatility into the housing market, 2019 should see things stabilize as the pace of rate increases slows, according to researchers at Fannie Mae.

In its 2019 Economic and Housing Outlook, Fannie’s Strategic Research Group said it continues to predict a slowdown in economic growth in the year ahead, projecting a 2.2% decline in growth that it attributes mostly to decreased consumer spending.

But researchers also said that the Federal Reserve’s “dovish” stance on rate hikes in 2019 will help stabilize home sales. They predict only one rate hike in the year ahead.

Considering these projections, the group defined its theme for 2019: “The economy’s slowing, the Fed slows, housing plateaus.”

Researchers said they expect mortgage rates to change little in the year ahead, continuing to hover in the 4.5% range, which they said will allow homebuyers to adjust to the new rate environment after last year’s volatility.

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