Historically, summer is a strong season for home sales. Sales ebb and flow as people go on vacation, take time off, and enjoy school being out.
The answer can be specific to a city or address the country’s housing market as a whole. Locally, we mirror the national trends: we are in a hot sellers’ market in which prices are rising and competition between buyers is fierce.
Is this 2021 real estate year going to be one of historic records? It already is!
Multiple indices and statistics track how the housing market is performing: days on market, sales price, or other indicators.
“The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index rose by 14.6% on an annual basis in April, up from 13.3% in the previous month, according to the latest results of the S&P CoreLogic Case-Shiller Indices.”**
Chief Economist for National Association of REALTORS Lawrence Yun elaborated on how the 15% gain in the Case-Shiller price index represents the largest ever annual price appreciation ever — in the over 30 years that the Case-Shiller price index has tracked real estate sales.
Yun wrapped up his analysis with
“A home price decline is unlikely. However, should it occur, since price gains have been unusually large, it will be of short duration. Many homebuyers would view home price declines as a second-chance opportunity after getting outbid in current multiple-bid market conditions.”*
The technicality of percentage increases and what is used inside the indexes are something for economists and statisticians to delve deep into to shed light on the current conditions and forecast what is ahead. As a real estate brokerage with day-to-day real estate practitioners, we exist to serve the homeowners in our community. We see an opportunity: to sell and capture the equity that has accumulated in your home.
Have you toyed with the idea of selling?