The Housing Market has Funds but No Houses: FHFA
Toledo, Ohio: The Housing market has been struggling for quite a while. The present state of the housing market is really painful for the potential home-owners.
Many local realtors said that the market has a high demand for new homes but the market has low inventory. Many are looking for homes, but they are not easy to find.
Low Inventory in the housing market means the demand for real estate is high but the supply to meet the same is low. It is basically a shortage in the houses up for sale or rent.
Michelle Neiman, who has an experience of over 30 years in the housing market in Toledo, Ohio, said, “Historically, the market is slower this time of year, but it’s been active for me. In some cases, we’re still getting multiple offers for full price and over.”
The Federal Housing Finance Agency House Price Index showed an increment of 2.1% in home prices for the third quarter.
Anju Vajja, principal associate director of the Research and Statistics division at FHFA, said in a statement, “U.S. house price growth continued to accelerate in the third quarter, appreciating more than in each of the previous four quarters.”
“House prices rose in the third quarter in all census divisions and are higher than one year ago, driven primarily by a low supply of homes for sale,” she added.
The only depreciation in the housing market is witnessed across Hawaii and the District of Columbia with -0.9% and -0.8% fall. Vermont recorded the highest annual appreciation rate of +11.9%, followed by Maine with +11.1% and New Hampshire with +10.3%.
When focusing on metropolitan areas, 93 of the top 100 largest metropolitan areas saw increases in home prices. First place went to Albany-Schenectady-Troy, New York, which had the highest annual appreciation rate (+12.4%). Austin-Round Rock-Georgetown, Texas, saw the largest decrease of -5.0% year over year.
