Tag Archives: Housing Supply

Florida's housing market continued on a steady growth track throughout the third quarter, though improvements were slightly subdued compared to spring and early summer. Florida Realtors' chief economist, Dr. John Tuccillo, said the quarterly numbers reinforce trends the group has seen on a month-to-month basis.

Out of hundreds of home sellers surveyed nationwide earlier this month, only 35.1 percent said now is a good time to sell a home in their neighborhood, according to the latest Real-Time Seller Survey from Redfin. The response reflects a decline of more than 17 percentage points from the second-quarter survey, which found more than half of sellers felt they had an advantage in the market.

Florida Realtors reported that closed sales of single-family homes came to 20,792 last month, an increase of 13.5 percent over September 2013. Meanwhile, the statewide median sales price for single-family existing homes in September was $180,000, up 5.9 percent from the previous year.

At the national level, Realtor.com reported the median age of September's housing stock was 90 days, four days longer than August's median age as home shoppers back off for the season. Compared to last year, though, September's median inventory age was down three days, indicating demand is still there. The number of listings last month was approximately 1.87 million, down 2.7 percent annually and 7.9 percent monthly.

Though September home sales were down 10.4 percent from August—an expected seasonal trend—September is the first month in 2014 in which home sales exceeded those one year prior, according to the latest National Housing Report from RE/MAX. The firm found that home sales last month were 0.9 percent higher than in September 2013, which is no small feat, considering that 2013 was marked by double-digit growth in home sales nationwide.

According to an analysis from Redfin, housing stock in all of its tracked markets totaled 563,377 in September, up 4.1 percent from August and 6.3 percent from a year prior. Even with the unexpected rise in inventory, analysts at the company expressed doubt that supply will be able to keep pace with demand in the coming months, especially with home affordability still looking favorable.

Real estate brokerage Redfin reported a 2.2 percent monthly increase in customers requesting tours with the company's agents last month, about half the improvement recorded this time last year. "Though the September uptick in tour requests was not as strong as last year, this late season pickup suggests that housing activity will hold steady through November before the seasonal slowdown in home searches over the holiday," said Chief Economist Nela Richardson.

In a report earlier this week, online listings site Realtor.com observed a largely steady trend line in housing market indicators in August, with prices leveling out from month to month and limited inventory dipping slightly. Demand was most evident among the country's millennial population. However, with relatively few homes on the market, prices pushing upward, and lending standards still tight, few in that group have been able to make the jump to homeownership.

In a recent analysis released by Kroll Bond Rating Agency (KBRA), senior managing director Christopher Whalen predicts many metros around the country will see home price appreciation switch to a much slower track—or even decline modestly, in some cases—as the factors directing the momentum of the last few years diminish and fundamental drivers start playing a bigger role.

Examining August activity in more than 30 markets nationwide, Redfin reported a 1.4 percent month-over-month dip in home sale prices to a median $281,000, reflecting a gain of just 5.1 percent over last year. More interesting, Redfin said, was the shift in supply and demand dynamics: Even as new listings plunged 9.3 percent—nearly triple the average July-to-August decline—numbers of customers touring homes and making offers rose, demonstrating buyers aren't backing off.