Are We Approaching Another Housing Bubble?

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Today, I'm here with your Tri-County market report. You may have heard the media saying that home sales are down, but that's not the case!

If you look at the existing home sales report, we can see that since January 2015, we've been on an upward climb and more and more homes are selling every month. Across the country, sales are up about 10% year-over-year in every region. I think we'll finish out with an extremely strong summer.

As we move forward, we're going to see stronger sales in every price point, except under $100,000. That's because we don't have as many short sales or foreclosures.

Were pending sales down last month? Yes. However, the preceding month, we had the highest number of pending sales that we've seen in years. Last month was still the third highest number of pending sales that we've seen in awhile.

Now, let's look at foot traffic. How many people are still out there looking at homes? This year, we've destroyed 2014's numbers. There is a lot of demand out there, and prices are rising.

This causes some people to worry about a housing bubble, but a housing bubble is not happening. Our historically low mortgages have caused confusion as well. Still, it is a much more thorough process to get a mortgage today than it was in 2007, ensuring that people who aren't eligible for mortgages won't qualify.


If you have any questions, give us a call or send us an email. We look forward to hearing from you!