Home Prices & Personal Savings Rates Soar

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Key Highlights

  • Housing prices continue to push higher
  • Personal savings rates soared to 27.6% as of March 2021

Housing Prices Continue to Soar

Here are the latest stats as of May 30 2021 on rising housing prices from Seeking Alpha: 

  • National Association of REALTORS® (NAR) said the median home price in April 2021 topped +19.1% for a record of $341,600.
    • NAR also said that approximately 90% of homes sold in April were sold in less than 30 days
  • CoreLogic indicated that 19% of homes had appraised value come in lower that contract price.
    • Translation: This means the buyer paid the spread between what the bank was willing to lend and the selling price
    • CoreLogic’s chief appraiser, Shawn Telford, said, “The frequency of buyers being willing to pay more than the market data supports is increasing.”
  • Zillow indicated that some 28% of homes sold above list in January and February
    • This 28% compares to 20.3% of homes selling over list in 2020 and 14.2% selling over list in 2019
    • In San Francisco, 54.4% sold over list in February
    • In Seattle, 51.6% sold over list in February
    • Homebuilder earning hit record high in home sales revenue with record $1.84B in Q2 2021…an increase of +21% in Q2 2020

Personal Savings Rates Also Soar

  • The Federal Reserve Bank of St. Louis indicates personal savings skyrocketed +27.6% in March 2021
    • Pre-pandemic, personal savings rates hit 7.2%
  • Redfin survey indicated that 48% of first-time buyers saved for down payments from their paychecks
    • 31% of those first-time buyers indicated they saved more during COVID pandemic
  • Redfin also indicated that there more real estate agents than homes listed for sale.

 

Thanks to Seeking Alpha, Federal Reserve Bank of St. Louis, Zillow, Redfin, CoreLogic and National Association of REALTORS®.

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