Builder confidence is at its lowest level since August of 2016. Think we’re in a declining market?
Besides that, housing starts actually peaked in January of 2018, and new building permits topped out in March of 2018.
When we look at existing housing numbers (pre-owned homes sold), sales peaked in November of 2017, and pending sales peaked in April of 2016.
Add to this that housing prices are rising noticeably slower, inventories are rising, and affordability is near a decade low.
Most importantly these are national figures, not local Colorado numbers. Not even Front Range or Boulder County numbers. To be fair, we have seen some similar local adjustments, but the numbers are still very small locally and regionally compared to national figures.
“But job growth remains strong, incomes are up, and household formation is solid. Housing won’t cause the next recession. It’ll be something else.” -Eisenberg
The data may indicate a changing market, however I’d like to add a little perspective of my own. I think the media will dig their nails into anything that can be exaggerated to try to make a story. Go figure, right?
Regionally, we still have an appreciating market, housing values remain strong. The job market is as robust as it ever has been. Therefore, forecasts for job growth indicate this will be continuing for quite some time.
Thanks to Elliot Eisenberg, The Bowtie Economist for sharing this nationally-based data.
Thinking about buying a new home, or getting ready to sell? Call me today!
Zachary Epps, GRI®, ABR®, MCNE®, CLHMS®, SRES®, REALTOR®,
RE/MAX Hall of Fame, RE/MAX Platinum Club
I’d seriously enjoy having the opportunity to talk to you about your plans if you’re moving, or if you know someone who is considering a move, and needs some straight answers.
Also, I’m never too busy for your referrals. As a real estate professional intent on giving back to the community, my relationship-based approach is exactly what you’ve been looking for in a helpful RE/MAX Professional.