Webb Real Estate News

9 08 2016
JULY 2016 Inside Scoop – Ada County
If you like to keep score 8 vs. 11 :o(
(I am only counting an item as “Positive” if the first part is in bold)
Positive News in in Bold
  
6.  Year to date sales units up 13% from a year ago Chart A4.  The year to date dollar volume is 19% higher this year.  Remember our 7/21 class “mid year price projection!”  So keep watching this spread – it is at 6% now.  Chart A6.  
10.  Resale Affordability UP (more Affordable)  from last month- now 16%.  Jan. 2005 when I started tracking Affordability it took 19% of a median income to buy a median priced resale home at the then current Freddie Mac interest rate PITI.  06/06 was the high (most Unaffordable!) at 30%  Record for the most “affordable month” 01/12 at 10.9%.  Interest Rates continue at record lows but Resale prices are surging! Charts A39, A40, and A41.
 
13.  Resale inventory is up. – 1495 from 1353 last month.   Last year at this time there were 1760 resale homes for sale!!!.  July 2008 was the all time record high at 3920!   July 2005 was the low point in resale inventory at 657.  Good News for Builders!  Lack of inventory is forcing more new construction activity.  Chart A21
 
18.  Final Sales Discount is unchanged.  From the last asking price to final sales price, .5% from .5% last month.  Record low – 04/16 .3%.  Last year at this time it was 1.0%.  Chart 43
 
19.  Future Business Forecast is below 100%.  A54.  89%  – so closings next month will be below this month’s level.  Last year at this time it was 90%.
 
 
JULY 2016 Inside Scoop – Canyon County
If you like to keep score 5 vs. 10 :o(
Positive News in in Bold
 
 6.  Year to Date Sales Units up for 2016.  13% cumulative Year to date.  Year to date dollar volume is 27% higher.  Chart C4.  This will be the year for big price increases in Canyon County as more and more buyers are headed west out of Ada to find affordable housing.

 

11.  Inventory is up 10% from last month;  and 17% lower than last year at this time.  Here come higher prices!  Charts C16 & C17

12.  New Construction inventory is up. 283 from 262 last month.  Last year at this time there were 340 new homes for sale.  Record high of 865 in March 2007.  Record Low 9/11 at 145.   Chart C19

13.  Resale inventory is up – 708 from 640 last month.  All time high was 2149 in July of 2008.   Last year at this time there were 850 resale homes for sale.  No wonder prices are jumping higher!  Watch this!!! 12/05 was the low point in resale inventory at 499.  02/16 sets another NEW RECORD LOW at 451!!! Chart A21

 Note:  Webb Chart Subscribers receive the full version each month.  To subscribe go to http://www.jerewebb.com
 
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