Real Estate News

Story Idea: Is Homeownership Good for Our Neighborhoods?

According to a recent study from the National Association of REALTORS®, a majority of Americans believe that homeownership is good for our nation’s communities. Both homeowners and renters were asked if they feel a high rate of homeownership strengthens a community; 67 percent of those surveyed agreed with the sentiment. NAR President Elizabeth Mendenhall says, “Homeowners are more likely to be involved and engaged in the issues facing their communities, and this involvement – homeowners are more likely than renters to vote, volunteer their time at local charities and support neighborhood upkeep – builds up our communities.”

Aerial view of a Cookie Cutter Neighborhood

Story Springboard:

Review NAR’s Housing Opportunities and Market Experience (HOME ) survey for more information on current trends in the real estate market and consumers views regarding homeownership. Speak with a recent homebuyer about how homeownership has affected his or her involvement in the community. Ask REALTORS® in your area if they have seen any changing opinions on the value of homeownership among consumers.

Instant Reaction: June Jobs Report

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics (BLS) report on the employment situation in June:

“A total of 213,000 net new jobs in June and 2.4 million over the past 12 months reflects a strong rolling economy. The latest month’s solid job additions mean further increase in housing demand. But inventory shortage and the consequent unaffordability have been a major challenge for potential home buyers. Part of the housing inventory shortage is due to the lack of construction workers. One encouraging aspect of the latest job report is the boost in the number of people seeking work. With more people entering the labor force and seeking work, some may turn to the higher paying construction industry. A typical non-supervisory worker in the private sector earns $22.62 per hour. In the construction industry, the pay is $27.56. Despite the low unemployment rate of 4%, the employment-to-population ratio is still soft with only 60.4% of American adults with jobs, compared to 63% before the Great Recession ten years ago. In other words, there is a potential for plentiful new workers coming into construction and that will help build more new homes and relieve the inventory shortage.”

 

Pending Home Sales See Modest Decrease in May

Pending home sales inched back 0.5 percent in May, falling on an annualized basis for the fifth straight month, according to NAR.  A decline in contract activity in the South offset gains in the Northeast, Midwest and West.

Lawrence Yun, NAR chief economist, says this year’s spring buying season did not meet market expectations. “Pending home sales underperformed once again in May, declining for the second straight month and coming in at the second lowest level over the past year,” he said. “Realtors® in most of the country continue to describe their markets as highly competitive and fast moving, but without enough new and existing inventory for sale, activity has essentially stalled.”

Supply issues continue to be the story and home price gains are still outpacing income growth, and listings typically went under contract in just over three weeks.  Yun believes that the summer months will be a true test for the housing market, and that the recent increase in new home construction to a 10-year high is an encouraging sign.

“Several would-be buyers this spring were kept out of the market because of supply and affordability constraints. The healthy economy and job market should keep many of them actively looking to buy, and any rise in inventory would certainly help them find a home.”

For the full news release, click here.

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Linda Laijas Cook & Cheryl Loeffler

The Cook & Loeffler Team
RE/MAX Vista
Floresville, TX 78114

830-391-9004
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RE/MAX Vista | Email Us | Direct: 830-391-9004 
Cheryl Loeffler: 210-559-3176
Linda Laijas Cook: 210-885-0209
1212 10th St - Floresville, TX 78114
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