A LOOK AT THE CURRENT STATE OF THE HOUSING MARKET PULSE DURING MARCH/APRIL 2017

The prices are increasing so they become challenging buyers, especially the first-time purchasers.

During the last quarter of 2016 the home prices rose sharply fueled by low inventories particularly in the entry-level home price range. The supply and demand for example in the existing-home sales were up to 5.49 million dollars seasonally adjusted annual rate, which is the actual date for the month, multiplied by 12 and adjusted for seasonal sales differences. The inventory, the number of existing homes on the market at the end of the month went down with 1.65 million

Nevertheless renters became to change their status, the share of this former renters who have taken the plunge into homeownership has slowly but steadily increased over the last two years. The ex-renters include first-time buyers and so-called boomerang buyers who have reentered the market. Rising rents have contributed to the increasing interest in home buying.

Regardless the homeownership vacancy rate remained at 1.7 percent, and the national rental vacancy rate also held at 7 percent in the first quarter of the year both low by historical standards because of the number of households increased to 118.8 million, up by 1.2 million households from a year ago.