Survey Says: US Housing Economy Strong
The USA’s strong economy and consumer demand made record homes for sale possible in 2005 despite destructive hurricanes, rising mortgage interest rates and higher energy costs. Chances are high that a sustainable, more balanced housing market will be the cornerstone of the U.S. economy in 2006.
In the latest random national survey, findings are consistent with both nationwide housing sales data and forecasts of top industry economists.
In the past six months, there has been a softening of the market, with fewer multiple home offers and buyers negotiating for closing cost assistance. The length of time it takes to sell a house has increased dramatically. About 75% of house sellers in a survey said it was taking over 30 days to sell homes. 30% of those respondents said it was taking over 60 days. 30 days ago only 52% of respondents said it was taking over 30 days, with 30% saying over 60 days. The good news is that first time buyers are very active, house prices are staying level and price appreciation is on the rise. Currently, 82% of survey participants say they are getting 95% or more of asking home prices. This compares with 80% in the third quarter and 90% in the second quarter of 2005. First-time buyers currently account for about 35% of home sales. This percentage has stayed about the same for the last six-nine months despite price and appreciation spikes on the East and West coasts and in Florida, Phoenix and Las Vegas. Repeat and move-up buyer activity remains strong.
Investor and second-home demand has slowed however. Multiple offers are down as well. Currently, only 50% of respondents report multiple offers. A more balanced real estate market between buyers and sellers demand has emerged in many parts of the country.
Inventory of unsold homes is growing. 65% said the trend is up in local real estate markets. 55% report a good supply in all price ranges. Only 38% reported a good supply six months ago. Overwhelmingly, survey respondents said job and population growth continues to fuel housing demand in local markets.
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