I just read the latest housing statistics about home sales on a national basis in Realtor.com. A new report out by the National Association of Realtors® says the number of houses across the nation that have sold but have not closed yet dipped 2.5%, in January from December, but was still up 1.4% year over year. The report counted only existing homes, and not newly constructed residences.
“There are several factors that have caused the slowdown, including the stock market decline and even the weather,” says Jonathan Smoke, chief economist of realtor.com®, indicating Winter Storm Jonas could be the culprit. But “the biggest issue is the limited [number of] homes for sale. [Buyers] haven’t been able to find homes that meet their needs or their budgets.”
We’ve been hearing about the problem of lack of inventory for some time now. But Smoke remains optimistic.
“The mortgage rate decline will more than offset the declines in the stock market,” Smoke says, noting that low rates yield more buying power for consumers. “We should see another year of growth, but not as much as last year because the [inadequate] supply of homes will limit that.”
The National Association of Realtors® predicts that about 5.38 million existing homes will be sold in 2016. That number is up 2.5% from last year. They also report that the median price of those homes is expected to jump 4% to 5%.
In my latest newsletter, I discussed housing statistics locally. January numbers were, in part, slightly skewed due to roll over from December as some closing were stalled due to the new banking regulations which took effect late last year. However, make no mistake there are buyers looking to buy in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities. If you are among those looking for the perfect place to call home, please call me at 805.886.9378 or email me at Cristal@montecito-estate.com. Are you smiling yet?