W H E R E R E A L E S TAT E I N V E S TO R S A N D L A N D L O R D S G O F O R S U C C E S S
EXISTING-HOME SALES UP 0.6% IN JANUARY The National Association of Realtors is reporting that existing home sales were up 0.6% in January to a seasonallyadjusted annual rate of 6.69 million (up 23.7% from one year ago). Total housing inventory at the end of January was 1.04 million units, down 1.9% from December and down 25.7% from one year ago. Unsold inventory sits at a 1.9-month supply at the current sales pace with properties remaining on the market for around 21 days. The median existing-home price for all housing types was $303,900, up 14.%% from January, 2020. Once again, the culprit is low inventory: “Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s chief economist. “Sales easily could have been even 20% higher if there had been more inventory and more choices.”
PANDEMIC YEAR SEES SOARING HOME SELLER PROFITS AS PRICES SET NEW RECORDS According to their Year-End 2020 U.S. Home Sales Report, ATTOM Data Solutions says profits on home sales increased in 9 out of 10 Housing Markets in 2020 with the national median home price up 13%. In addition the report says sellers nationwide realized price gains of $68,843 (a 34.7% ROI) on the typical sale, up from $53,700 in 2019 and $48,500 two years ago. “Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation’s economy but seemed to have the opposite effect on the housing market…” Said Todd Teta, chief product officer at ATTOM Data Solutions.
FORECLOSURE & EVICTION MORATORIUMS EXTENDED THROUGH JUNE 30TH The U.S. Department of Housing & Urban Development (HUD) announced in mid-February the extension of the FHA’s foreclosure and eviction moratoriums through June 30th, 2021, as well as an extension of the initial start date of a COVID-19 Forbearance. Click here to read the full announcement. MARCH 2021
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