November, 2015 Housing Market Summary

 

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As is typical for the fall months, the housing market has slowed a bit. The usual dip is exacerbated by the new lending guidelines that have slowed closings and may be having an artificial negative effect on sales numbers. Things are continuing to move in the market, inventory is increasing, and as we can see by the rising months supply of inventory from 3.36 to 3.91 in the last 30 days,  it is becoming less starkly in the favor of sellers. I have spoken to many people lately that are planning on selling and/or buying in 2016 and have wondered what the market forecasts look like. I’ll have more specific information next month, but the summary is this: We have an improving economy supported by consistently increasingly employment, a stock market that has certainly had its ups and downs this year, but is holding steady year over year, and leading indicators that look good. Auto sales have beat analysts expectations, and in the valley, new build home sales are also up significantly. The most interesting indicator however, is the increase in number of new households which grew over the first half of 2015 by 1.7 million over the same period last year. DSNews reports this as the largest growth we’ve seen in the last 10 years. It is reasonable to expect that this increase will continue to fuel growth in the real estate market. Stay tuned for a more finely crafted forecast as we close out 2015.

 

 

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