Current Real Estate Market News

Looking to buy a home and wondering where the current real estate market news is at?

What are the key indicators? And how do you even analyze the information?

Will future trends have an impact on the market for buyers?

We will go through those questions in this article and identify what steps you can take, as a potential new home buyer, to try to get a handle on your journey’s rudder to better navigate the current Real Estate Market News!

Understanding The Real Estate Market

The real estate market is governed by some fairly basic drivers.

Yes, like every market, supply and demand are at the core. However understanding what feeds the supply and demand is the critical component.

Real Estate Market Supply Side

What factors affect the supply - two essentially. Existing homes for sale and new homes being built. I use the term “homes” generally here and that can obviously be broken down in to many types of homes including single family, condo units, town homes, etc.

Existing Homes:

The number of existing homes coming on to the market need to be compared to the previous months and previous years. You should also have a look at the average number of "days on market". If the numbers are increasing from previous months then it could indicate an increase in supply. This is generally good for buyers, while the opposite (less inventory) is better for sellers.

The more homes coming on the market, the more choice.

New Homes:

New homes are when a builder constructs a new development or builds additional units on an existing development. This is in some ways a better indicator because builders and developers often have their thumb on the pulse of the market. When they are building more units than previous years it can indicate that they anticipate more sales. When construction slows down, in can indicate less confidence in the future market.

Real Estate Market Demand Side

This can be a simple as how many people are actively looking to buy a home. There are as many reasons to buy a home as there are people. However, there are a couple of the demand drivers which are more consistent than most:

Jobs:

If new jobs are being created in an area, in a significant way, then this will draw people to move to the area. The more people moving in the higher the demand. Keep in mind that when most people move for a new job they will typically rent for 2-3 years before buying.

Immigration:

People will move to a new area for a number of reasons, jobs being one of them. People will also move to an area for a better lifestyle, or because the cost of living is less than where the are now. Regardless of the reason, whenever you see population of an area increasing this will lead to housing demand increases. More people, more demand.

Housing Affordability:

Demand will also be affected by how expensive homes are in a particular area. The Housing affordability index is a good measure. If the index shows an area to be a high percentage of the average persons’ income it indicates either a hot market or at the very least, a very expensive one. This will have an effect if the average person cannot afford to buy a single family home. Demand will usually suffer as a result.

You should also have a look at local crime rates, schools and other services in an area as well as the main statistics. Not understanding the compete picture underlying a market area could lead to disappointment.

These are as good place as any to start. You can then just use the information as a general guide while you fill in the details with some good old fashion boots on the ground research for the areas that most interest you.

Where Do I Go To Get Current Real Estate Market News?

The main authorities and holders of statistical date seem to be either banks, government agencies or the national associations. They are a good starting point for the basics related to current real estate market news.

** For our thoughts on buying a home in the current Real Estate Market, please visit our Buying A Home In 2024 page.

US Current Real Estate Market News Sources

Canadian Current Real Estate Market News Sources

Updates and Future Real Estate Market Trends

For more detailed information on real estate markets and trends, keep an eye on this section for updated articles specifically from the home buyers perspective:

** Is the Real Estate Market Slowing Down? Is it the right time to buy a home? Find out how you can tell by going to the Is Housing Market Slowing Down page.

** What market conditions lead home buyers to ask "Why are houses so expensive?" find out about the leading cause - inflation - here on the Why Are Houses So Expensive page

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