RE Stats You Should Know

Pending home sales which measures signed contract on existing homes dropped by 1.9% in June and contracts are down 1.9% year over year as well. There is just so few homes to buy across our country currently.
· New home sales which measures signed contracts on new homes dropped 6.6% from May. Why are new homes dropping? D R Horton has said they are pulling back on selling more homes until they can catch up with past signed contracts.
· 77% of the new sales are for homes not started or still under construction.
· 90% of builder inventory is not even completedt yet as it is still being built. WOW!!!
· The Case-Shiller Index rose 16.6% across the country in May from May 2020.
· Here in Denver our index rose 16.2% which means homes are appreciating at a rate of 16.2% in the last year.
· But, Phoenix, San Diego and Seattle are each seeing appreciation rates of greater than 23%.
· FHFA released their home price index last week for May and it showed home values appreciated by 18% year over year.
· According to the Census Bureau and the NAHB only 1.2% of new single-family homes built last year were modular homes. This percentage needs to increase exponentially for us to end the housing shortage.