One Hour in the Real Estate Market

We recently changed our clocks in recognition of daylight savings time. For many people, adjusting to the new schedule can be cumbersome, particularly when we spring forward because we “lose” an hour of sleep.

Anyone who has had small children in their life knows the struggle this poses all too well. There are a lot of activities in a day, and an hour of displacement can throw a wrench in the works.

We’re halfway through the week now, so hopefully everyone has hit a rhythm on the new schedule.

Did you know how much activity takes place in the housing market across the country each day? Much like this post on an hour in the housing market, we’ll lay out some of the numbers, but this time we’ll reference the previous numbers too.

If you’re an advocate for the US housing market or a homeowner, you’ll like the direct comparison…

At this time last year, an hour of elapsed time in the US housing market meant:

  • approximately 624 homes sold
  • 118 homes regain positive equity
  • the median value of homes went up by approximately $1.84

That was good news. And as referenced in our previous post, 2015 was the best year since 2007 at the time. However, 2016 beat out the previous year as the best year for the US housing market since 2007.

In a typical hour in the US housing market, as shown in the infographic:

  • 649 homes are sold
  • 177 homes regain positive equity
  • the median value of homes went up by $1.86

That’s an improvement in all three of the previously referenced metrics, which is great news for homeowners and bodes well for potential buyers and sellers.

How Does This Affect the Jacksonville/Camp Lejeune Housing Market?

There’s really only one reliable way to get accurate and up-to-date information on the local market.
Contact Your Local Jacksonville, NC REALTOR®
Whether you’re a current or prospective homeowner in Onslow County, we at Castro Real Estate Team are committed to Exceeding Your Real Estate Expectations.

According to the National Association of REALTORS® (NAR), 2016 new home sales were the highest since 2007. Business Insider, who cites the NAR as their source, wrote this article on the topic.

“Although sales slumped in December — by 10.4% at a seasonally adjusted annual rate of 536,000 — new home sales for the year 2016 were at the strongest level since 2007.” -Business Insider

They noted that some potential reasons for the decline in sales during December 2016 could be inventory issues, mortgages rates, and freezing weather.

As mentioned in this article, there are many moving parts in the housing market; however, there are indications that some of the inventory issues are likely to be alleviated by increased new construction as a result of more confidence in the economy.

The NAR also reports that 2016 witnessed the best sales performance of existing homes since 2006. So far, 2017 is set to outpace that mark, setting the new decade high numbers while beating the previous best from November of 2016. You can read about January 2017 home sales in the linked article from our blog.

Featured Image via SimplifyingTheMarket

Leave a Comment