A recent trend report from HousingPulse indicates that investors are NOT the driving force in the current housing surge. Results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey actually show first-time homebuyers and current homeowners are leading the market in 2013.
This presence of non-investor homebuyers is strengthening the market for non-distressed properties. The spring/summer season of 2013 should prove to be remarkably strong says the report.
HousingPulse's data indicates that the current homebuyers carry a 42.2% market share this past March. This is down from the fall numbers, but overall up in the year-over-year statistics.
The media continues to gives credit to the investors for driving the recent heightened activity; however, their share according to the report indicates only 21.8% market share in March 2013. While looking at non-distressed property trends, investor shares are even less at 13.3% for the same time frame. Current homebuyers had 50% market share and first-time homebuyers 36.8%.
Looking at DISTRESSED property trends for the same report, HousingPulse indicates the share of home purchases fell to 35.6% in March but peaked at 36.2% in March.
*The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey is based on a national survey of about 2000 real estate agents each month and provides up-to-date intelligence on home sales and mortgage usage patterns throughout the country.
Much of the country is seeing a lack of inventory in the non-distressed property segment, but with a strong sale market. Additional factors contributing to the strength of the market, is the average time-on-market for non-distressed properties. Numbers fell dramatically to 10.9 weeks on average, recorded the lowest since 2009 by HousingPulse.
Source: HousingPulse Update April 2013
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