The Home Sales statistics measure monthly residential sales for both existing single-family residences and condos for the U.S. and provides a breakdown by region for the U.S. These statistics include co-ops and condos, as well as single-family residences. For a quick overview of home sales by region, check out the power of sale homes. For example, if you are looking for a new home, you would type in “home sales in Cincinnati” into the search bar. Below, you will see listings of homes for sale by category.
The Existing Home Sales statistics track home sales for existing single-family residences, condominiums, and cooperative homes across the country, and provide a breakdown by state for the U.S. This data is broken down by month and covers the states of Arkansas, California, Colorado, Florida, Hawaii, Kentucky, Maryland, Massachusetts, Montana, Nevada, New Hampshire, Oregon, Pennsylvania, and Washington. As mentioned above, there is a special tab for housing market in which the national outlook is bleak. According to this tab, the Existing Home Sales volume was down nearly six percent from the end of July 2020. The home sales category is composed of apartments, coops, condos, townhouses, mobile homes, and pre-fabricated homes.
The National Actual Home Price Survey, or NAHBPS, is a national survey covering the states of Alabama, Arkansas, California, Colorado, Florida, Hawaii, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, and Washington. The Atlanta Housing Market Study, or ARM Savings and Loan Survey, is a national survey covering the regions of Arizona, Georgia, Illinois, Missouri, New Mexico, North Texas, Ohio, and Tennessee. Lastly, the Mortgage Banking Industry Research Institute, or MBAIRI, is a national survey that covers the areas of Connecticut, Delaware, Florida, Hawaii, Kansas, Oklahoma, South Carolina, Texas, and Utah.
It is true that home sales are down in many parts of the United States. However, this does not mean that the housing market is suffering nationwide. As stated earlier, the subprime crisis has had a wide impact on the overall picture, but it is also important to point out the positive trends that have been taking place in certain states. For example, home sales in some states such as California are up while in some states like Nebraska and Oregon home sales are down.
In the summer months, many areas of the country experienced higher home sales. California is one of these states. The number of first-time buyers who purchased a new home during the summer months reached an all-time high in the summer of 2020. Even though there are some areas of the United States experiencing lower home sales, they are no where near as low as they were just a year ago. This is good news for the home buyers as this is one time of the year when the housing market is healthier than many others.
These are the two main indicators that show the overall health of the American economy. If you would like to get a better idea of how your state’s real estate market is performing, you can access our free Real Estate Forecast Software which utilizes the criteria we discussed above to come up with your own personalized Real Estate forecast. Take a look below to find out which states will be doing well and which states are in deep trouble.