There are many important housing statistics to be aware of when in the housing market, however there are some that one should be more concerned with than others.
When deciphering the health of the market and if it is an opportune time to buy or sell your property these are the Housing statistics which would be most important to me.
- Home Price annual trends – In 2016 the housing market saw an increase of close to 7% compared to the previous years, with interest rates low and construction costs high this was the expectation
- Home Sales – Sales is also on the rise compared to last year, anything above 5 million in a given year would be a strong year in my opinion
- Home price appreciation – this is an important housing stat as it tells us which markets are hot compared to those that are not, as of 2016, Texas, Michigan, Arizona and South Carolina are the hottest
- Supply of Inventory – it’s important to keep track of this for whatever market you live in. If inventory is low, prices are usually high and vice versa. This is an important housing stat to keep track of in 2017
- Mortgage rate trends – Mortgage rates continue to be at all time lows, however that is expected to change in 2017, so folks need to be ready for prices to level out and sales to drop in the coming year as folks will not be able to get as much for their money.
Housing stats are very important and if you want to be a savvy investor you need to keep track of quite a few. 2016 was a great year for the housing market and if you can keep tabs of the 5 trends above you will have a better idea of what to expect from the market moving forward.