Real Estate statistics will give you a real idea regarding how to navigate the selling and buying in this industry. It will give you an idea of how real estate marketing will flourish for you in the long run. Real estate consists of agents, clients, investors. There is a need for the understanding of data-based insights into the constantly shifting housing market.
The average price of the newly listed homes is going up to 32.6%. This is one of the recent researches that have come up in 2020. The recent population suggests that in areas like New York, Dallas, Chicago, the prices have increased 43%. And according to the April 2021 update, the median price for the active listings got around $375000 that turned out to be a 17.2 percent increase from the median active listing price within the same month last year. So there has been an increasing demand, and the National Inventory of the active listings also decreased by 53%.
The data from some of the top sources mention that the property values will be staying high. Even in 2022, there will be double-digit acceleration when it comes to home values. The home building will also be booming in 2022. According to the National Association of home builders, some recent reports suggest that there will be a high boom in homebuilding. This is with the consideration of the areas like the US and Canada, and the lumber prices have already grown by 250% since 2020. The principles of Damon Becnel will let you know more about the real estate market.
How the Home-Buying Power Will Increase?
The home-buying power has been sharply increasing by 21%. According to recent research, the interest rates have also been going around 3%. The situation is so that the Federal Reserve cut the federal funds rate that had started during the covid-19 pandemic. The attempt at such a point was keeping the consumer level interest low. The March 2020 updates suggest that interest rates on the 30-year fixed-rate mortgages are also moving around 3%, and according to the December 2020 updates, the interest rates have been dropping to the level of 2.68%.
Around 80% of the senior citizens had purchased the homes in quarter 1 of 2020. When it comes to the overall population, it can be said that 76% of the people within the age group 55 and 64 are the ones that purchased the properties. Other people, around 79%, are between the age group 65 and above. According to the 2021 estimates, it can be said that the real estate market is already targeting the audience like the senior citizens and the retired people because they are the ones who are interested in selling and purchasing the new homes.
Highlight on the housing market forecast
According to the 2022 updates, there will be comparatively higher mortgage rates than the 2.6% rate seen from the end of December 2020 up to January 2021. It will be happening that the mortgage rates will be rising in 2022. The high real estate economic growth has also been one of the major reasons for this growth. This means that the buyers who were previously attracted by the low mortgage rates will not take a step back.
It is expected that mortgage origination will be declining in 2022. And there will be a decline in the refinancing originations from $2.65 trillion in 2020 to the level of $770 billion in 2022. On the other hand, It is expected that the property values will be staying high. There are High Hopes regarding the distant updates at home prices that are expected to continue appreciating at the high rate. When it comes to the first quarter of 2022, there are also the recent updates that mention that the experts suggest that the current rise in the home prices is becoming quite similar to the rise in the prices.
It will be very helpful for you when you are searching for a house sale in the home listing or even searching for a rental home. That said, you will have to understand some of the statistics that will give you the relevant idea regarding how you can just go ahead in this field.
One of the major reasons the real estate industry is flourishing is that people have started working from home. For that, they require an adequate office setup, which will be possible only when there is enough residential space. The future of the real estate market is a favorable one. Besides, it can be expected that the new technological growth will bring in new digital resources that will be fostering the growth of the real estate market.