Investors are rushing to buy single family homes across the US. This is decreasing the share of 1st time home buyer purchases. In today’s housing market update, I discuss the latest real estate market news including an update on home prices in the US.
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According to data released today from the National Association of Realtors (NAR), sales of previously owned homes, which include single-family homes, townhomes, condos and co-ops, rose 0.8% from September 2021 to a seasonally adjusted annual rate of 6.34 million in October. This means that sales of houses in the US are at their fastest pace since January of this year.
Individual investors or second-home buyers, purchased 17% of all the homes sold in October. That’s up from 13% in September and from 14% in October 2020. All-cash sales accounted for 24% of transactions in October, up from both September and from the 19% we saw in October 2020.
In addition, NAR reported that the median sold price for all housing types in October was $353,900. That’s less than a 1% increase from Sept 2021 but a 13% increase from Oct 2020. This is after 3 consecutive months of declines.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 3.24% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
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 are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
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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