There are signs that confidence in the Columbia SC housing market is waning a bit with the latest new home construction data. Many analysts are still trying to figure out why housing starts nose-dived in February.
Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000.
Single-family housing starts in February were at a rate of 593,000; this is 14.9% below the revised January figure of 697,000.
Is Weather to Blame for the Columbia SC Housing Downturn?
Some looked at the weather as the primary culprit despite the big drop in the West region, but now thoughts are turning to other factors like whether there's a skilled labor shortage, or whether younger buyers are still staying on the sidelines.
Here is more in this Fox Business News interview with real estate broker Kendra Todd and Avison Young VP Jason Meister…
There have been all sorts of reports and predictions coming out about the Columbia SC homebuying season outlook. Freddie Mac's Deputy Chief Economist, Len Kiefer, gives Freddie Mac's preview and prediction of the March 2015 U.S. Economic and Housing Market Outlook in this short video report…
And don't forget, we also post tips daily on Twitter and Facebook, sometimes pertaining to Columbia SC homebuying. Find us there as well.
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Columbia SC home sales have fallen to their slowest pace in nine months, with sales of existing homes tumbling 4.9 percent last month.
Relatively low mortgage rates and steady job growth have not yet spurred the kind of activity from buyers or sellers, raising the possibility of either a spring rush, or another year of slack Columbia SC home sales.
Nationwide, few properties are being listed for sale, would-be-buyers are holding off, and the harsh winter weather is taking its toll on attempts to hold open houses.
Columbia SC Home Sales Expectations Not Happening
Weaker Columbia SC home sales in 2014 had set up expectations of a strong rebound in 2015, but so far, that resurgence has yet to appear. Even the addition of more new jobs over the past three months has failed to make much of an impact on overall Columbia SC home sales.
Builders haven't started ramping up any new construction either. Confidence among builders in the market for single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released recently. Any number over 50 indicates that more builders view conditions as good rather than poor.
Average mortgage rates have held well below 4 percent for weeks, which you would think bodes well for a rejuvenated housing market in the spring. But only time will tell.
Columbia SC home sales are not the only area where numbers are down. Sales slid in all four major geographical regions of the country last month: dropping 6 percent in the Northeast, 2.7 percent in the Midwest, 4.6 percent in the South and 7.1 percent in the West.
In the meantime, you can get more information about news that may affect the Columbia SC home sales market in our section on Columbia SC Real Estate to your right under Columbia SC Real Estate Categories.
Remember, we post tips daily to Twitter, and also on our Facebook Page. We'd love you to check us out there too.
According to figures from the National Association of Realtors, existing Columbia SC home sales increased in December, reaching an annual pace nationally of more than 5 million sales for the sixth time in seven months. Median home prices for last year reached their highest level since 2007 but the total number of sales dropped 3.1% compared to the previous year.
The total number of existing Columbia SC home sales includes completed transactions for condominiums, co-ops, townhomes and single-family homes. Nationwide, this increased 2.4% to reach a seasonally adjusted annual rate of 5.04 million last month compared to 4.92 million in November. When compared to a year earlier, sales for last month were 3.5% higher.
In total, there were 4.95 million sales for 2014 which is 3.1% less compared to 2013. The national median home price for existing homes was $208,500, the highest figure seen since 2007 when it reached $219,000. This figure is 5.8% higher than 2013 when the median price was $197,100.
Columbia SC Home Sales Close Strong for the Year
Columbia SC home sales picked up in December, closing out a year that began sluggishly but which showed signs of improvement during the second half. Columbia SC home sales began to improve over last summer as inventory levels increased, prices moderated and economic growth began to accelerate. According to real estate experts, sales were much better during the second half of last year, up by 8% compared to the first six months of the year.
We'll keep you informed on Columbia SC home sales as we move through 2015. In the meantime, you can get more information about news that may affect Columbia SC home sales in our section on Columbia SC Real Estate News to your right under Columbia SC Real Estate Categories.
Remember, we post tips daily to Twitter, and also on our Facebook Page. We'd love you to check us out there too.
The latest Gallup poll shows that the average American has a lot of problems, but owning a home is not one of the biggies any more.
Right now, more Americans are concerned about healthcare costs, low wages and a lack of jobs.
When it comes to the capital markets, they worry about the cost of college for their children.
But, the most striking result of the Gallup poll, explained in the chart below, is the shift in the attitude towards owning a home.
Owning a Home Half as Important As Three Years Ago
In just three short years, the number of Americans who cite the costs associated with homeownership and renting as one of their biggest financial worries, sliced firmly in half.
In 2012, a full 12% of Americans put this cost at the top of their financial worry. Now it's dropped all the way down to 6%.
Although when broken down by income, the results skew somewhat.
Below the $30k/year bracket, housing is the most important worry for 9% of the respondents. That lowers to 4% in the $30k to $75k range. But then, it jumps up to 6% for Americans making more than that.
Perhaps not surprisingly, lower-income Americans name "lack of money/cash flow" and "not enough money to pay debts" as their top most important money woes.
Find more news articles as they relate to owning a home in the Columbia SC Real Estate News section under Columbia SC Real Estate Categories to your right. And find us on Facebook and follow us on Twitter for daily updates we post there as well.