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New Home Sales Increase Beats Expectations The housing market continues to show encouraging signs of improvement. Just how encouraging becomes clearer with each new data release. For example, it was just reported that sales of previously owned homes rose nearly 21 percent in June. Now, new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show June sales of newly built single-family homes increased too, rising 13.8 percent month-over-mont...h. It was the fastest sales pace since 2007 and a significantly faster pace than economists forecasted. In fact, economists polled by Reuters expected new home sales to increase just 4 percent. Surging new home sales are yet another sign that home buyers have returned to the market after putting their plans on hold this spring. Even when compared to last year, sales are up with June's improvement pushing new home sales nearly 7 percent higher than they were at the same time one year ago. Also in the report, the median sales price of new homes sold in June was $329,200. The average sales price was $384,700. (source) See more

Would You Buy A Home Sight Unseen? The coronavirus outbreak has caused us to change a lot about the way we get things done. Everything from grocery shopping to getting a haircut has undergone some rethinking. The home buying process is no exception. Fortunately, the adjustments the real-estate industry put into place have been successful so far. In fact, the option to tour homes virtually or via FaceTime has a significant share of buyers saying they'd be comfortable buying a ...house without ever seeing it in person. Recent surveys show nearly 40 percent of buyers say they would, which is up from 25 percent in surveys done earlier this year. Additionally, there was close to a third of current survey participants who said they'd like the option to buy and sell virtually even after the outbreak ends. Obviously, that still leaves a majority of buyers who feel they'd need to see a home in person before they'd make an offer. But the success of virtual tours benefits them as well as an online tour can be used to narrow options down, so buyers have fewer homes to see when they do go out. Like a lot of things, real estate has had to adapt quickly. The good news is that the changes it underwent look like they've increased convenience and speed for both buyers and sellers. (source) See more

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When there are more home buyers than there are homes for sale, prices rise. Mostly, that's because buyers have to compete with each other for available homes by offering to pay more than the seller is asking. But while competition and bidding wars are good for home sellers, it can cause stress for buyers. That's why home shoppers in today's market need to be prepared. In most metros, buyer demand is high while the inventory of homes for sale is low. That means a lot of hopefu...l home buyers are facing competition. So how likely is it that you will? Well, according to one recent analysis, 53.7 percent of buyers faced a bidding war in June, which is up from 44.4 percent in April. Of course, how likely you are to find competition depends on where you're looking and what you're looking to buy. For example, buyers in Boston, San Diego, and Salt Lake City were almost twice as likely to face bidding wars than buyers in Miami, Chicago, Las Vegas, and Tampa. Similarly, buyers of single-family homes were more likely to face competition than those looking for townhouses or condo See more

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