New Home Sales Plunge: Housing Market Update // I have news regarding new home sales, mortgage rates, mortgage application numbers and much much more! This is your latest housing market update!
To give you a quick real estate market update, the US Census Bureau announced that after a near-decade high in January, new home sales in Feb plunged 18.2%. This is the sharpest month-over-month decline since 2013. However, due to high demand from the US homebuyer (including the first time home buyer), new home sales increased 8.2% on a year over year basis. However, on a YTD basis, new home sales were up 12.3% overall and three of the four regions experienced an increase in sales. Home prices for new homes also climbed on a yr-over-yr basis by 5.3% to $349,400 in Feb. This is much higher than the median home price for an existing home for Feb ($313,000).
To give you an update regarding mortgage interest rates, the average 30yr fixed rate mortgage decreased to 3.33% (current mortgage rates). Part of the reason for this dip is due to the fact that the 10yr US Treasury Note yield also decreased this week.
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Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or do you think the real estate market will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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