As you read this current report on the National Home ownership, please keep in mind that the real data is based on local conditions. No matter if you are looking for Orcutt Real Estate, Santa Maria Real Estate, Nipomo, Arroyo Grande or San Luis Obispo Real Estate the market will be different. Always consult your local Central Coast agent to find out exactly what your neighborhood is doing.
Inventory shortages push homeownership further out of reach Source: HousingWire
A lack of housing inventory continues to stifle the housing market, making it difficult for potential homeowners to get on the property ladder, according to the latest quarterly report from the National Association of REALTORS® (NAR).
Making sense of the story: The median existing single-family home price increased in 81 percent of measured markets. The NAR report cited that 145 out of 1791 metropolitan statistical areas (MSAs) had gains based on closings in the fourth quarter compared with the fourth quarter of 2014.
There were slightly fewer rising markets in the fourth quarter compared to the third quarter, when price gains were recorded in 87 percent of metro areas. “Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead,” said Lawrence Yun, NAR chief economist. Continue…