Real Estate Market News April, 2015
This spring home buying season is off to a stronger start than last spring in the Tri-State area. The first quarter of 2014 was one of the slowest in recent record for the number of home sales which makes the 10% increase between January – March 2015 a welcome sight.Nationally, existing-home sales were up 9% year over year in March, according to the National Association of Realtors®.
The average existing home price in the Huntington area from January to March was $135,805, up 8% over last year.
2014 Local Housing Market So Far
Winter 2014-2015 Predictions
For The Huntington, WV Area Housing Market
Historically, home sales wane until after the holiday season. Will this winter be any different for home sellers and home buyers in the Huntington area?
To get an idea of what awaits this winter, let’s look at trends found in the local housing market so far in 2014.
According to the data from the Huntington Board of REALTORS Multiple Listing Service, sale prices for residential real estate in the Tri-State area have risen from approximately $135,944 in September, 2011 to $139,296 in September, 2014.
While local home values remain strong, we are still in a “buyer’s market” which will not change until the inventory of homes waiting to sell diminishes. Over the next few months, if home sales are comparable to those last winter, that is a good sign the Huntington market has a better likelihood of more improvement in 2015.
There are several areas within our region where home values in the first three quarters of 2014 improved over the same year-to-date 2013 total. For example, existing-home sales from 1/1/2014 – 9/30/2014 in Chesapeake, Ohio sold at average price which was 19 percent higher than in the same nine month period in 2013. Home prices in Barboursville had a healthy nine percent increase.
The national median existing-home price for all housing types was $219,800 in September, which is 4.8 percent higher than September a year ago.
What to watch in 2015; FHA’s current high annual mortgage insurance premiums and insurance requirement for the life of the loan pose significant challenges to qualified buyers who are being priced out of FHA or the market altogether. The Federal Housing Financing Agency has proposed to increase its guarantee fees and the upfront loan level price adjustments charged to borrowers. The increases would disparately impact individuals with shorter credit histories and lower down payments and as a result, shut middle class Americans out of the housing market.