A Decline in Home Prices

September 2022 saw a dip in home values after a two-month 0.4% decline. Those in the industry say that the dip comes from a reaction to the drop in mortgage rates this summer. The future will also see a decline in the housing market due to the rise in mortgage rates since the summer.

The United States has seen declines as follows: Phoenix (-2.3%), Las Vegas (-1.9%), New Orleans (-1.0%), Riverside (-0.9%), and Austin (-0.9%). There has been a rise in prices in the following: Richmond (0.6%), Miami (0.6%), and Indianapolis (0.6%) markets. The greatest year-over-year was in Miami (25.7%), Orlando (23.4%), Tampa (23.2%) and Jacksonville (22.6%).

Fortunately, active listings have risen 3% from this time last year but they are still well below norms before the pandemic. This still is good for buyers as it means there are more options.

Even though there are fewer sales, pending listings dropped 29% compared to September 2021. This is due mostly to the rise in interest rates. Offers to accepted offers also went from 11 days in September 2021 to 19 days in September 2022. Many sellers began to cut the price of their homes to create a since of urgency.

Click Here For the Source of the Information.

Holiday Spending Will Be Backed by the Rising Consumer Confidence This Year

 

The COVID-19 vaccines are helping to get Americans back out into the physical consumer world. Even with the supply chain problems and rocket high inflation, consumers are still planning on spending the bucks this holiday season.

The Consumer Confidence Index saw a rise in the third quarter of 2021 to 113.8 points. The level seen this October was the highest level seen since July 2021. American's mindset also rose for future consumer spending. Many see purchasing a house car and major appliances before the year-end.

Close to 50% of those surveyed are planning on taking a vacation in the next six months. This is the highest level we have seen before the pandemic.

"While short-term inflation concerns rose to a 13-year high, the impact on confidence was muted," said Lynn Franco, The Conference Board's senior director of economic indicators.

In a nutshell, Americans are not fazed by price inflation. Luckily this is pushing the labor market to recover. It will be a while before consumers get fed up with the price inflations.

"And most of that is due to the job market," said Jennifer Lee, senior economist at BMO. "And though the share of those respondents finding that jobs are plentiful slipped a bit this month, the share of those who find that jobs are hard to get fell even more."

Click Here For the Source of the Information.

Inventory Is Rising As of July 2021's Report

According to the National Association of Realtors (NAR) housing inventory is starting to improve. Industry leaders predict that home prices will begin to level off as the inventory starts to increase.

As of July 2021 on a year-over-year basis sales were up by 1.5% over this time last year. Existing home sales including single-family homes, townhomes, condominiums and co-ops also increased. Total existing-home sales jumped 2.0% to a seasonally adjusted annual rate of 5.99 million.

July also reported the current sales rates of unsold inventory sits at a 2.6 month supply. This is up from June 2021 but is still behind from this time last year. New construction will benefit from the low level of existing homes on the market.

Homes were on the market an average of 17 days in July which is an all-time low. This time last year homes stayed on the market for an average of 22 days. This summer homes 89% of homes that were sold stayed on the market for under a month.

Low inventory is still pushing home prices up. July reported a 17.8% increase in the median sales price of existing homes to $359,900. This is the 113th consecutive month of year-over-year increase according to the NAR. Multifamily existing homes were up 14.1% from a year ago to a median price of $307,100.

If you are in the market for a home, contact a local Realtor. Working with a local sales professional will help you save money and time. Realtors know the community the best.

Click Here For the Source of the Information.

Buy a New Home on the Northshore at Bedico Creek Preserve

When relocating to the Greater New Orleans area, you may want to buy a new home on the Northshore at Bedico Creek Preserve.  If you are considering relocating to the tight knit area of West St. Tammany Parish, you can enjoy the ambiance of downtown Covington, LA, which is located approximately 7 miles from Bedico Creek Preserve.  Living in Madisonville, Louisiana, at Bedico Creek gives you easy access to shopping, entertainment, and dining at the many locations of the two shopping areas Colonial Pinnacle at Nord Du Luc and Stirling Covington Shopping Center off of Highway 21.  In addition to the prolific shopping at mall stores such as JC Penny, Belk, and Lane Bryant, Colonial Pinnacle at Nord Du Luc and Stirling Covington Shopping Center also showcase box stores such as Academy Sports, Kohls, Best Buy, Marshalls, Target, Hobby Lobby, as well as the Hollywood Stadium 14 movie theater.  This Covington, Louisiana shopping area also features restaurants such as Olive Garden, Longhorn Steakhouse, Texas Roadhouse, Cracker Barrel, and Panera Bread Company.  For faster food and service, you can visit Steak & Shake, Firehouse Subs, and Dickeys Barbeque Pit.

Bedico Creek Preserve offers lots and homes for sale in its masterplanned community in St. Tammany Parish.  Lots for sale start in the mid $40’s, and new homes for sale begin in the $230’s.  If you are interested in building your own new, custom home or if you are looking to relocate to one of our existing homes for sale, you can find any lot or home in a selection of different neighborhoods in this St. Tammany Parish subdivision.  Contact Bedico Creek today to schedule your tour.  Call 985-845-4200 or E-mail Info@LiveBedico.com.

Click Here for the Source of the Information.