Increasing Homebuyers Continue to Drive Up Prices

By August 31, 2016Real Estate

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In what appears to be a repeat from a decade ago, the real estate market appears to be burning hot once again. WalletHub ranked the hottest markets based on 16 different criteria including metrics like: percentage of homes underwater, average number of days on the market until a home is sold, turnover rate, vacancy rate, affordability – for both purchase and maintenance, plus job growth and unemployment rate. With no surprise, five of the top ten cities are suburbs of Dallas, TX.

Demand for both new and existing homes continues to rise. Supplies are becoming increasingly limited and, as a result, economists are expecting sales to dip this season. Homebuilders are struggling nationwide to keep up with the demand for new homes, despite adding 215,000 jobs over the past 12 months.

With both low mortgage rates and low unemployment rates, the number of potential homebuyers is expected to increase in the market and is also expected to drive home prices even higher. Sales of new homes climbed to an astounding 12.4 percent last month, the strongest level since October 2007 (via Commerce Department).

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