Sentences with phrase «high affordability conditions»
«The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge.
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This is thanks to sustained economic growth, the slowly recovering jobs picture, and historically high affordability conditions, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 REALTORS ® Midyear Legislative Meetings.
«It is no longer just the investors who are taking advantage of high affordability conditions.
«The recovery is occurring despite excessively tight credit conditions and higher downpayment requirements, which are negating the impact of record high affordability conditions,» Yun says.
«Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions.
«The price decline could be diminishing, as buyers recognize great bargain prices and the highest affordability conditions in 40 years; this will help mitigate further price drops,» Yun said.
Not exact matches
Buoyant demand in this market stems from the high level of vehicle affordability — in part a consequence of the appreciation of the Australian dollar — and generally favourable financial conditions.
While historically low rates are helping to offset the faster appreciation of home prices relative to incomes, a higher mortgage rate would erode affordability under these conditions.
«All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,» he said.
«A continuation of last month's alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would - be buyers who have been held back by higher prices this year,» Yun says.
«With price appreciation likely to continue at the same pace — and even higher in some markets — incomes need to rise even more to keep affordability conditions from declining further.»
Boosted by steady economic growth, low unemployment, and strong affordability conditions, December sales of existing single - family homes hit a record - high seasonally adjusted annual rate of 5.03 million units, 3.1 percent higher than the revised November figure of 4.88 million units.
«Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,» he said.
Single - family housing affordability: Lack of inventory, higher rents and home prices, difficulty saving for a down payment and investors weighing on supply levels by scooping up single - family homes have all lead to many markets experiencing decaying affordability conditions.
«However, if inventory conditions fail to improve, higher mortgage rates and prices will further eat into affordability and prevent many renters from becoming homeowners.»
«Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,» he said.
While historically low rates are helping to offset the faster appreciation of home prices relative to incomes, a higher mortgage rate would erode affordability under these conditions.
About 12 percent thought that buyers were hesitating because of bleak economic conditions and a high number of 43 percent believed that rising prices and dwindling affordability is hampering buying activity.
«Housing affordability conditions are at a record high and there is a pent - up demand from buyers who've been on the sidelines, but contract failures have been running unusually high.
Despite rising mortgage rates during the past month, which have affected refinance originations, affordability conditions remain high and should not present a significant obstacle to potential homebuyers.
«With record high housing affordability conditions thus far in 2011, we'd normally expect to see stronger home sales,» he said.
«Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country,» he said.
«Most of those owners also will be buying another home, but higher levels of new home construction going into 2014, combined with some reduction in demand from less favorable affordability conditions, will help to moderate price growth to more sustainable levels.»
«With home prices in a broad trough and historically low mortgage interest rates, high housing affordability conditions and rising rents could stimulate a more rapid sales recovery if banks get back into the business of lending to more creditworthy borrowers,» Yun said.