If you have read much in this blog, You know that I am not a huge fan of over-reporting news..ANY news, not just real estate. Mainly, my feelings about the constant reporting of every angle of the real estate market are that it is actually standing in the way of a good, solid recovery in many areas. It muddys the real estate market for most of us.
More people have way too much information at their fingertips these days, and there seems to be an overwhelming need to push all that info to us, whether we need it or not. Info that has absolutely NO bearing on us regionally suddenly HAS a bearing and in my opinion, causes a FALSE effect. But... I will attempt here and there to report on some headlines that are occurring. I'll put links to those articles so you can go to them. (Just click on the title and it hopefully will link you up)
From the National Association of Realtors®:
Existing-Home Sales Up in June, Unsold Inventory Shows Continued Progress
An interesting article. Staes that basically housing prices are up above May. But if you actually READ the article, you will find that they are a bit behind last year. So what does that tell you?? Uh... not much, but a little. But the article has more....
It goes on with a quote from Lawerence Yun, NAR's chief economist. NAR is no slouch organization. It is the largest trade organization. It is huge and it is all about real estate. But even Mr. Yun has some interesting things in quote:
"Inventories are at their highest level in over a year [egad!! High inventory??? does that equal a price bust ahead?? Not Necessarily]and price gains have slowed to much more welcoming levels in many parts of the country[ Our market prices for a home for sale in Hot Springs seem to have risen over the last several months]. This bodes well for rising home sales in the upcoming months as consumers are provided with more choices,” he said. “On the contrary, new home construction needs to rise by at least 50 percent [Does it not follow that if we are buying up the inventory that is existing, that there will be fewer new homes sold?? I think so.]for a complete return to a balanced market because supply shortages – particularly in the West[ we are NOT this market] – are still putting upward pressure on prices.”
NAR states further: "The median existing-home price3 for all housing types in June was $223,300[Our housing market currently has a median home price of $170,000] which is 4.3 percent above June 2013. This marks the 28thconsecutive month of year-over-year price gains(THIS is a good sign to me, BUT...read the entire article!!!].
Okay... READ the entire article. It is a good read and can give you SOME insight into a very complex market situation. As long as we over analyze and report the housing market like it is a stock, we will continue to be barraged by tons of data...much of it not applicable to us and our situation as we are trying to sell your home for you, or if we are trying to find the perfect home for you in and around Hot Springs. Happy reading!!
Once again, there are loads of stasts thrown at us... see the earlier blog post on statistical overload. I always worry with statistics that are at a "seasonally adjusted annual rate". I am hoping that there is some wizzbang formula out there that somehow makes a truly accurate adjustment... because true data needs to compare apples to apples not apples to pears. When you compare June figures to May figures, you are comparing apples to pears, but perhaps that is what the seasonal adjustment ATTEMPTS. The odd thing is that in the Hot Springs Real Estate market, there never seems to be apples to compare to. June is supposed to be a hot month (real estate wise), yet there are other months that are hot as well. It unfortunately depends on what buyers are actually doing, and buyers are often influenced by headlines...because there are too many headlines out there, and we don't have the time to read the article under them.