Housing Market Remains Strong Through Three Quarters

Year over year home sales rose 8% in September, registering the thirteenth-straight month of gains and a growth streak in fourteen of the past fifteen monthsYear over year home sales rose 8% in September, registering the thirteenth-straight month of gains and a growth streak in fourteen of the past fifteen months.

Through September, Tallahassee has recorded an overall 17.3% growth in year-to-date home sales, making 2021 the third-best year on record (trailing only 2005 and 2006 during the housing bubble years).

Follow along as I share two graphs and what they mean for the present and future of the housing market. First, take a look at the ever-shrinking list of homes for sale in Tallahassee and notice that more than half of them are already under contract with buyers (during a month in which we would expect to see well less than twenty percent of them under contract).

Homes For Sale In Tallahassee

932 Properties
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Year-Over-Year Home Sales

The year-over-year home sales graph shows how each month's sales compared with the same month the year prior. We analyze this data as it provides insight into the market changes by removing the seasonal influences in the market.

Year-over-year home sales report Tallahassee, Florida October 2021

Even a cursory glance at this graph tells you that the current market is hot. There is so much more green than red. In fact, when we take a different view of the market, it shows just how green 2021 has been.

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Year-To-Date Home Sales Are Strong

This next graph plots home sales from January through September of each year, and it shows just how strong 2021 home sales have been through three quarters.

Graph plots home sales each year from January through September

Interest Rates Are Driving Sales

Most of us in the real estate industry will tell you that the only reason this market remains so vibrant is that historic low mortgage interest rates are making buyers come out to participate. For this reason, I believe that the duration of this housing market growth cycle will be determined by the future changes to mortgage interest rates.

With rates today still sitting near 3% for a 30-year fixed-rate loan, buyers are able to get so much more home for their money than in the past. This has created a real fear of missing out for many buyers, but it also means that rising rates could very well bring a “sticker shock” to the market that causes home sales to plummet until wage inflation helps home affordability to recover.

Pay attention to the pace at which mortgage interest rates rise, as it will determine just how vibrant home sales remain in the coming months and years. 

Home Ownership Considerations

US Homeownership Rate Crash
Homeownership has been high since World War II, but there is a generational shift in the US housing market that is occurring with two key trends that will soon destroy home affordability and then homeownership in the US.
Foreclosure Wave? The End Of The Mortgage Moratorium And Forbearance
Many claim a foreclosure tsunami will be the cause of a new housing bubble, yet I believe they are a little short-sighted and I have some evidence that shows this is just not going to happen.
How Often Do Home Prices Fall?
Are home prices falling? Will house prices fall soon? Home prices are soaring, buyers are having to pay above most sellers' asking prices, and the housing market feels just like a feeding frenzy during Shark Week on the Discovery Channel.
Signs Of A Housing Market Collapse?
When we study the US median market rent, we see signs that paint a clear picture of the future of home prices and home values.
Home Affordability Forecast
Real estate prices are moving higher (faster). This is a real estate forecast you need to see. Many have been misinformed about home prices and the housing market and must watch and internalize the message from this video.
Housing Shortage Confirmed: Median Market Rent Explosion
The lack of home builder production has home prices and home values soaring, now look at what's happening to rents too!
What Do Low Mortgage Interest Rates Really Mean?
Every article or video about mortgage interest rates conveys that rates are low, but do you really know what it means?
Home Affordability Forecast and Housing Report 2021 Q1
A look at how home affordability is likely to change over the next twenty years. I produced the forecast by using data from the past and applying it forward, including inflation, home prices, home values, and mortgage interest rates. If you have a stake in the housing market, you don't want to miss this forecast
Here's Where Home Affordability Is Heading
There is a generational shift occurring in the housing market that I reveal in this video. I’m talking about how buying a home over the next twenty years will be unlike what previous generations saw since the early 1980s.
The Truth About The Housing Bubble Of 2021
Will there be a housing bubble in 2021? - If you look at the most active real estate videos on YouTube, you'll find that the forecast for the next real estate bubble is very popular. Is there a housing crisis and will there be a housing crash in 2021? Or is it just sensationalism that drives people to watch these so-called reports? This video exposes real evidence and I will give you data that tells you everything you need to know about a housing bubble in 2021.
Real Estate Crash In 2021?
Are you worried about a real estate crash in 2021? For this to happen, we’ll first start to see a rise in the supply of homes for sale, so today’s housing market 2020 report is focused on the supply side of housing market conditions. In normal years, October is about the slowest month for new contracts being written and new listings entering the market. But this is 2020. This is not normal. You should know that I do provide a fair warning, for all home sellers, near the end of this video.

Your Local Expert In Tallahassee

When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.

As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.

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