Summer 2014 National Real Estate SummaryUS Market Snapshot
Home Prices Continue to Rise - Buyer Activity Picking Up
According to the most recent Current Market Conditions national grass roots survey conducted by HouseHunt.com, home prices continue to rise in most areas of the country with 92% of the communities surveyed showing year over year price appreciation up from 91% last quarter and 83% one year ago. Our members surveyed indicated that home price appreciation is actually gathering steam with over 42% of the communities surveyed reporting double digit annual home price increases compared to only 31% in the fourth quarter of 2013 and 29% one year ago. According to NAR, housing prices are expected to rise between 5.5% and 6% in 2014. The increase in prices being reported may be temporary because of the very low amount of housing inventory currently on the market and the up-tick in buyer activity.
HouseHunt member agents are reporting a big increase in buyer activity in the first quarter with 72% of the markets reporting increased buyer activity compared to 56% in the fourth quarter of 2013. Seller activity remains sluggish so far in 2014 with only 45% of the markets reporting increased seller activity compared to 44% in the fourth quarter of 2013. Repeat buyers once again dominated the most active buyer segment with over 79% of the markets reporting repeat buyers were the primary drivers of activity compared to only 21% first time buyers. Investors and all cash buyers continue to hurt the number of first time buyers who are able to purchase a home as sellers generally will select the offers from the most qualified and largest down payments assuming the offering prices are similar.
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