The latest real estate news focuses on housing data and trends, home sales, and home prices. HousingWire also provides insights on government policies that can affect demand for real estate. The housing market is in a boom, and the housing market is growing. But despite the rising prices and booming home sales, there are many factors that may influence the value of homes. Here are some of the most important real estate news stories for October:
Home prices rose 0.76% in October
The November Case-Shiller index of US home prices showed that the median price of singlefamily homes in 20 major metro areas increased 0.76% from a year earlier. This beat the 0.4 percent increase forecast by Reuters. Still, the report was not entirely good news for the housing market. Although the October figure is below expectations, it remains high compared to the 0.4 percent rise in September. Home prices have increased consistently over the last seven years, but at a slower pace than in recent years.
Supply of homes on the market has almost doubled
While the housing shortage has led to an increase in prices for homes, the supply has decreased. As families grow, renters have been priced out of better quality homes, pushing property news. According to the National Association of Realtors, as many as one million renter households could be priced out of home ownership by 2021. A recent report by Marcus & Millichap shows that only 850,000 homes were on the market for sale in January, compared with
1.7 million for the same time five years ago. The lack of supply has pushed up prices.
Foreclosure inventory in judicial states and non-judicial states is massive
While foreclosure inventories have decreased since 2009, the number of delinquent loans in the pipeline has risen. In judicial states, the backlog is almost double that of non-judicial states. The average time it takes to clear the inventory is 62 months. This backlog is even higher in New York and Florida, where the inventories are nearly three times larger. But despite these massive inventories, the process has been made more efficient.
Sacramento is in the midst of a real estate boom
The housing market in Sacramento is on fire. According to Ryan Lundquist, a real estate analyst and appraiser in Sacramento, the housing market has been bananas for the beginning of the year. In fact, prices are 15% higher than a year ago, and 55% of properties received multiple offers. Meanwhile, the number of available properties is less than it was ten years ago. But if prices keep rising, the housing market in Sacramento could continue to grow.
Coworking conferences can help you
If you’re interested in the latest real estate news, attending a coworking conference can be of great benefit. This new concept has gained a lot of momentum in recent years. In addition to the benefits of working from a shared space, coworking facilities have great amenities and state-ofthe-art technology. These amenities and technologies help business people connect with others in the industry, and coworking spaces offer them that and more.
Zillow’s CEO says online data is not a substitute for agents
There’s an uproar over Zillow’s CEO’s recent statement that online data should not replace the services of real estate agents. While Zillow has grown to become a household name, it is not a “replacement” for an agent. Agents are essential for the transaction of buying and selling a home. In the US alone, Zillow has over 110 million listings, which is built through complex aggregation. Zillow operates over 50 mobile apps, with two-thirds of its brand usage occurring on mobile devices. The company offers a variety of free tools to consumers, including the
Zestimate home estimator, Zillow mortgage calculator, and Zillow rental manager. For agents, Zillow offers Premier Agent CRM, Dotloop transaction management, and Bridge Interactive listings management.