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Honored Social Butterfly

'Booming' housing sales jump 25%

'Booming' housing sales jump 25% as supply, mortgage rates remain low

 

Median housing prices top $300k for the first time in U.S. history

 

BY:  Daniel Payne

 

A "booming" housing market saw home sales skyrocket from June into July, with "heavy buyer competition" keeping prices high and inventory low across the country. 

 

Total "existing-home sales" from one month to the next were up 24.7% "to a seasonally-adjusted annual rate of 5.86 million in July," the National Realtors Association said in a Friday press release. 

 

The housing market "is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic day," NAR Chief Economist Lawrence Yun said, noting that the major shift to remote work amid the COVID-19 pandemic has led buyers to seek out larger housing arrangements. 

 

Mortgage rates also remain low, down to an average of 3.02% in July from 3.16% in June. That's down from an average of 3.94% in 2019. 

 

The median price of houses in the country, meanwhile, was $304,100, an 8.5% jump from July of 2019 and the first time in U.S. history that median prices topped $300,000. 

 

Yun noted that any home placed up for sale is "quickly taken out of the market from heavy buyer competition." Total housing inventory was down over 20% from a year ago.

"More homes need to be built," Yun said. 

 

NAR President Vince Malta, meanwhile, said the booming housing market is "help[ing] rejuvenate our nation’s economy despite incredibly difficult circumstances."

 

"Admittedly, we have a way to go toward full recovery," Malta said, "but I have faith in our communities, the real estate industry and in NAR’s 1.4 million members, and I know collectively we will continue to mount an impressive recovery.”

 

 

 

VIMTSTL
Silver Conversationalist

I was reading about this. It seems lots of people who currently live in cities want to get away from there because of Trump's failed response to Coronavirus.  There are millions of people who are still in their homes because of the moratorium on foreclosures and evictions.  As soon as the moratorium is lifted, the housing supply will shoot up. 

------------------------------------------------

That squares with my research.

 

 

Trump is an aperture in the fundament.
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Honored Social Butterfly

I was reading about this. It seems lots of people who currently live in cities want to get away from there because of Trump's failed response to Coronavirus.  There are millions of people who are still in their homes because of the moratorium on foreclosures and evictions.  As soon as the moratorium is lifted, the housing supply will shoot up. 

 

As usual, unintended consequences of a TRump administration policy or lack thereof. 

Regular Social Butterfly

Richva wrote:

I was reading about this. It seems lots of people who currently live in cities want to get away from there because of Trump's failed response to Coronavirus.  


 

 

sunluvngal:

LOL  FACT is, that lots of people are leaving their cities because of the lack of leadership by their democrat run cities and states.  Allowing decent God fearing citizens to be killed, beaten, threatened, their businesses burned and looted and a whole lot more.  Seems there are some people that must have their heads buried deep in that sand and blinded by their hate of our President. 

TRUMP-PENCE 2020!!! To Save This Country From The Insanity of The Dems!
Honored Social Butterfly


@sunluvngal wrote:
Richva wrote:

I was reading about this. It seems lots of people who currently live in cities want to get away from there because of Trump's failed response to Coronavirus.  


 

 

sunluvngal:

LOL  FACT is, that lots of people are leaving their cities because of the lack of leadership by their democrat run cities and states.  Allowing decent God fearing citizens to be killed, beaten, threatened, their businesses burned and looted and a whole lot more.  Seems there are some people that must have their heads buried deep in that sand and blinded by their hate of our President. 


Oddly, the polls show that concern about city leadership to be WAY down on the list of concerns while worry about the pandemic response is number one.  You make a nice argument but it is not supported by any facts. 

Regular Social Butterfly

 

Richva wrote:

I was reading about this. It seems lots of people who currently live in cities want to get away from there because of Trump's failed response to Coronavirus.  

 

sunluvngal:

LOL  FACT is, that lots of people are leaving their cities because of the lack of leadership by their democrat run cities and states.  Allowing decent God fearing citizens to be killed, beaten, threatened, their businesses burned and looted and a whole lot more.  Seems there are some people that must have their heads buried deep in that sand and blinded by their hate of our President. 


Richva:

Oddly, the polls show that concern about city leadership to be WAY down on the list of concerns while worry about the pandemic response is number one.  You make a nice argument but it is not supported by any facts. 

 

sunluvngal:

 

Businesses Leaving Riot-Torn Cities - ‘They Didn’t Protect Our People’

Kris Wryrobek, president and owner of 7-Sigma, Inc., has decided to relocate his business out of Minneapolis after rioters burned it down. 7-Sigma was located in South Minneapolis and had been in the city since 1987.

“They don’t care about my business,” Wryrobek said, “They didn’t protect our people. We were all on our own.” He went on to say that a fire engine was sitting at the scene and didn’t attempt to put out the fire.

Other business owners echoed Wryobek’s words. They say the city turned its back on them.

The destruction that took place in Minneapolis amounts to over $500 million dollars in damages. One-thousand businesses were damaged, and 52 of those were destroyed, the Star Tribunereported.

Wryrobek said that he is confident that his business will overcome, but that it would not be doing it in Minneapolis.


https://cnsnews.com/blog/bailey-duran/businesses-leaving-riot-torn-cities-they-didnt-protect-our-peo...

 

 

NYC moms fleeing Upper West Side amid crime and chaos

She said she started planning to move before the COVID crisis and recent neighborhood developments, but officially put down stakes Sunday in North Carolina with her finance husband and three kids under 7.

 

https://nypost.com/2020/08/08/nyc-moms-fleeing-upper-west-side-amid-crime-and-chaos/

 

 

TRUMP-PENCE 2020!!! To Save This Country From The Insanity of The Dems!
Honored Social Butterfly


@sunluvngal wrote:

 

 

NYC moms fleeing Upper West Side amid crime and chaos

She said she started planning to move before the COVID crisis and recent neighborhood developments, but officially put down stakes Sunday in North Carolina with her finance husband and three kids under 7.

 

https://nypost.com/2020/08/08/nyc-moms-fleeing-upper-west-side-amid-crime-and-chaos/

 

 


Hmm so they are fleeing the upper east side to buy homes in the suburbs?  Oddly, I don't make that connection in this randomly chosen article about one person's narrative.   Here is a bit of factual information so you can see what it looks like. https://projects.fivethirtyeight.com/coronavirus-polls/   

Regular Social Butterfly

sunluvngal wrote:

 

 

NYC moms fleeing Upper West Side amid crime and chaos

She said she started planning to move before the COVID crisis and recent neighborhood developments, but officially put down stakes Sunday in North Carolina with her finance husband and three kids under 7.

 

https://nypost.com/2020/08/08/nyc-moms-fleeing-upper-west-side-amid-crime-and-chaos/

 

 


Richva:

Hmm so they are fleeing the upper east side to buy homes in the suburbs?  Oddly, I don't make that connection in this randomly chosen article about one person's narrative.   Here is a bit of factual information so you can see what it looks like. https://projects.fivethirtyeight.com/coronavirus-polls/   


sunluvngal: @Richva 

LOL  Yeah moving FROM NYC... TO the SUBURBS OF NORTH CAROLINA!  🤣 🤣

 

Looks like you're a believer in polls...I, on the other hand, am a believer in what i SEE happening all over this country with my own eyes.

 

https://nypost.com/2020/08/08/nyc-moms-fleeing-upper-west-side-amid-crime-and-chaos/

She said she started planning to move before the COVID crisis and recent neighborhood developments, but officially put down stakes Sunday in North Carolina with her finance husband and three kids under 7.

 

TRUMP-PENCE 2020!!! To Save This Country From The Insanity of The Dems!
Honored Social Butterfly

@Richva LOL!!

 

People are leaving many of the cities and states that are taxing their residents to death and not protecting their people from all the violence!  The liberal policy that wants to defund the police illustrates how crazy the Mayors and Governors are.

 

I thought you were a day trader...  How could you not know this?

 

 

VIMTSTL
Honored Social Butterfly

about the only bright spot in an economy wrecked in large part due to Trump's lack of and delayed covid response! OOPS!!!
Honored Social Butterfly

Recovery phase, when we haven’t hit the second phase of the virus outbreak?
That figure was for one month? And I wonder how many were new home owners, or were they upgrading from an older home. 
Does seem odd, when considering many folks may be losing their home altogether, because of the virus. 

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