Zillow just released their 2016 mid-year report and 3 of the figures shocked me, so I thought I would share them with you.
The question I’m getting from clients is, are we in another housing bubble?
Based on these numbers below, you decide:
The number of homes for sale nationally are DOWN over 35% since 2011. Supply nationally is super low.
This graph is really amazing. The national average to sell a home from listing to closing is down 53%, and what is even more striking is that during that time the average time to close a mortgage has increased drastically due to the new TRID settlement requirements. Home loans nationally are averaging 53 days to close, which means homes are being put under contract on average within 25 days. That is very strong demand in action.
Lastly, rents are rising at near historical pace. When someone enters the housing market, they have to decide to rent or buy. With interest rates moving down thus far in 2016 and rents moving sharply higher, I believe that bodes well for future home demand throughout 2016 and 2017.
I hope you enjoyed this information as much as I did!
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