We all know that spring is when many Buyer’s start looking for their dream home! They want to find, close and move-in before the new school year starts in many cases. With the school year seeming to start earlier and earlier, that means April into May is their target to find that home. What can we expect from the market this year? I found this article in The MReport that addressed exactly that.
The Housing Market Surges Into Spring
Things always warm up in the spring, but experts are detecting record-breaking heat this year—at least in the housing market. Inventories are low, homes are flying off the market, and prices continue to rise, according to Realtor.com’s Monthly Housing Trends Report for April.
The report deemed this “the hottest spring housing market on record,” and a cool-down does not appear imminent.
“The dynamics of increased competition and buyer frustration are unlikely to change this spring,” according to analysts at Realtor.com. “In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”
The hottest market in the nation is Midland, Texas, according to Realtor.com, which compared the 300 largest metro areas. Midland was followed by Boston-Cambridge-Newton, Massachusetts-New Hampshire; San Francisco-Oakland-Hayward, California; Columbus, Ohio; and Vallejo-Fairfield, California. Four of the 10 hottest housing markets are located in California.
Nationally, the median list price was up 8 percent over the year in April and 3 percent since March. The national median listing price in April was $290,000.
Of the 300 largest metros in the nation, 180 posted yearly price gains in April, leading Realtor.com to say, “the damage has been done and the majority of markets are unlikely to see improvements any time soon.”
Bottom Line – Are you ready to spring into action?
Contact us and lets get you on the path to the purchase of your dream home! Now is the time to act if you want to start the new school year off right!