Harvard University just released the State of The Nation’s Housing 2019 report. This report shares vital information to those of us invested in the housing industry.
The housing boom of the early 2000s created an excess supply of homes. Keeping home values low for there was more supply than there were buyers. Then we hit the recession of 2008 and real estate took a huge hit. This has caused builders and lenders to be wary of starting new housing developments.
Luckily in 2018 the inventory of existing homes for sale has increased. People are starting to move again. Now we have more buyers and fewer homes for sale. This is causing house prices to rise at an incredible rate.
Millennials looking for new homes to purchase are increasing continuing to drive up home prices.
Vacancy rates are low for rentals and rent prices are also going up.
How is housing doing in the United States? Supply is holding, but some are still renting. #Ironclad
- 1Housing costs are rising faster than incomes.
- 2Interest rates are rising and qualifying for credit is more difficult. Fewer people are willing to loan money to the home buyer.
- 3There is a limited supply of starter homes.
- 4The rental market remains strong.
See the original at: https://thinkrealty.com/state-nations-housing-report-released/