Low Inventory & Dawgs Work To Fix Housing

Home sales will pick up to a solid 5.3 million this year and are expected to hit 5.5 million next year, but until inventory constraints improve, the country’s large pent-up demand for home sales can’t be met, NAR Chief Economist Lawrence Yun said at the 2015 REALTORS® Legislative Meetings & Trade Expo in Washington, D.C.

Overall, the economy is on a steady growth track, with solid job formation, continuing low interest rates, and the large millennial generation entering its peak household-formation years. But with buyers having to compete for a limited selection of properties in many markets across the country, home prices are rising fast, making it hard for many first-time buyers to get into the market.

Yun’s concerned that, as a result of these conditions, many households risk missing out on the wealth-building effect of home ownership at a time of low interest rates and strong price appreciation. “Young people are in a position to leave their parents’ home because job growth is picking up, but the lack of inventory and rising prices is making that hard,” he said.

Inventory Shortages Keeping Home Sales Low – NAR

$130M Seattle apartment sale: The build ’em, sell ’em beat goes on – PSBJ

Music tech maker Sonos opens Bullitt Center office – Capitol Hill Seattle Blog

Top Dawgs: UW team wins national affordable housing contest – PSBJ

Zillow posts $58M loss, beats analyst expectations – Seattle Times

Murdoch bid to dethrone Zillow starts with knocking its math – Seattle Times

Reader Question: Is Seattle just for the super wealthy now? – Seattle Bubble

San Francisco Combats Off-MLS Deals – NAR

30-Year Mortgage Rates Rise to 2-Month High – Freddie Mac

12 Most Popular New-Home Amenities in 2015 – NAHB