{"id":3483,"date":"2021-05-04T09:47:27","date_gmt":"2021-05-04T16:47:27","guid":{"rendered":"http:\/\/skyrisere.com\/listings\/?p=3483"},"modified":"2021-05-04T09:47:27","modified_gmt":"2021-05-04T16:47:27","slug":"will-the-housing-market-maintain-its-momentum","status":"publish","type":"post","link":"https:\/\/skyrisere.com\/listings\/2021\/05\/04\/will-the-housing-market-maintain-its-momentum\/","title":{"rendered":"Will the Housing Market Maintain Its Momentum?"},"content":{"rendered":"<p>The recent  <a href=\"https:\/\/www.nar.realtor\/newsroom\/housing-market-reaches-record-high-home-price-and-gains-in-march\">Existing Home Sales Report<\/a>  from the <i>National Association of Realtors<\/i> (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed \u2013 <b>there aren\u2019t enough homes to buy<\/b>. There are currently  <a href=\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/documents\/ehs-03-2021-single-family-only-2021-04-22.pdf\">410,000<\/a>  fewer single-family homes available for sale than there were at this time last year.<\/p>\n<p>Lawrence Yun, <i>Chief Economist<\/i>at NAR, explains in the report:<\/p>\n<blockquote>\n<p><i>\u201cThe sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.\u201d<\/i><\/p>\n<\/blockquote>\n<p>Yun\u2019s insight was supported the next day when the <i>Census Bureau<\/i> released its  <a href=\"https:\/\/www.census.gov\/construction\/nrs\/pdf\/newressales.pdf\">Monthly New Residential Sales Report<\/a> . It shows that <b>newly constructed home sales are up 20.7% over the previous month.<\/b><\/p>\n<p>Buyer demand remains strong. With more of the adult population becoming vaccinated and job creation data showing encouraging signs, existing-home inventory is expected to grow in the coming months.<\/p>\n<p><b>What will this mean for home sales going forward?<\/b><\/p>\n<p> <a href=\"https:\/\/www.fanniemae.com\/media\/38961\/display\">Fannie Mae<\/a> ,  <a href=\"http:\/\/www.freddiemac.com\/research\/forecast\/20210414_quarterly_economic_forecast.page\">Freddie Mac<\/a> , and the  <a href=\"https:\/\/www.mba.org\/news-research-and-resources\/research-and-economics\/forecasts-and-commentary\">Mortgage Bankers Association<\/a>  (MBA) have all forecasted that total home sales (existing homes and new construction) will continue their momentum both this year and next. Here\u2019s a graph showing those projections:<\/p>\n<p><a href=\"https:\/\/skyrisere.com\/listings\/wp-content\/uploads\/2021\/05\/102815F6-CB98-4F93-940A-56FB97877ADE.png\"><img fetchpriority=\"high\" decoding=\"async\" data-id=\"3484\"  src=\"https:\/\/skyrisere.com\/listings\/wp-content\/uploads\/2021\/05\/102815F6-CB98-4F93-940A-56FB97877ADE.png\" alt=\"Home Sales Forecast\" width=\"1000\" height=\"750\" class=\"aligncenter size-full wp-image-3484\" srcset=\"https:\/\/skyrisere.com\/listings\/wp-content\/uploads\/2021\/05\/102815F6-CB98-4F93-940A-56FB97877ADE.png 1000w, https:\/\/skyrisere.com\/listings\/wp-content\/uploads\/2021\/05\/102815F6-CB98-4F93-940A-56FB97877ADE-300x225.png 300w, https:\/\/skyrisere.com\/listings\/wp-content\/uploads\/2021\/05\/102815F6-CB98-4F93-940A-56FB97877ADE-768x576.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<h2 id=\"Bottom Line\">Bottom Line<\/h2>\n<p>Living through a pandemic has caused many to re-evaluate the importance of a home and the value of homeownership. The residential real estate market will benefit from both as we move forward. Contact <i>Skyrise Real Estate Group<\/i> for assistance in the Silicon Valley market.<\/p>\n ","protected":false},"excerpt":{"rendered":"<p>The recent Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Will the Housing Market Maintain Its Momentum? - Skyrise Real Estate Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/skyrisere.com\/listings\/2021\/05\/04\/will-the-housing-market-maintain-its-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will the Housing Market Maintain Its Momentum? - Skyrise Real Estate Group\" \/>\n<meta property=\"og:description\" content=\"The recent Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% compared to the month before. 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This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. 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