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Market Reports: I love talking about Market Reports. I have a few below that I find helpful.
1. Zillow November 2013 Review
The first report is from Zillow, I like this report because it elucidates Negative Equity and shows where the Lehigh Valley's battle with Negative Equity is juxtaposed to the rest of the country. I believe Negative Equity is one of the most compelling elements to Main Street's view on our economy, and I am excited to see the Lehigh Valley Market attempt to triumph over it.
Zillow also has a neat feature that projects 2.3% growth for the Lehigh Valley overall.
2. My Recap for the Year
Median Price- Up 11.5 % for 2013, this is a nice start to an overall recovery. The question is whether its too much appreciation too fast. Real Estate bubbles are formed by irrational exuberance. Considering the lack of the appreciation in previous years, this number feels nothing like a bubble.
Months Supply of Inventory - The supply is at 6.7 months which is down 14.9%. This is a great thing for the Valley and even better news is the MoM view is down 30.1%. About 6 months of inventory is about what constitutes a normal marketplace.
Supply and Demand- For Sale and Under Contract Homes seems to be keeping up with one another. Sold homes, meaning homes that settle, are way up; which could mean that transactions are settling quicker and this could be a referendum on the housing market being easier to maneuver.
3. Federal Housing Finance Agency
The FHFA is a pretty cool index because it only pertains to mortgage resale's where the mortgages are owned by FHFA, Freddie, and Fannie. The reason that its a different kind of index is it differentiates between cash buyers and buyer's using investor financing. Its also nice because it does a good job of comparing different metro's. The link I provided compares Philadelphia, Pittsburgh and the Lehigh Valley.
4. Here is a BHHS Fox and Roach's
Northampton County
Lehigh County
I think the video reporter does a pretty good job of taking a few metrics and succinctly giving their meaning.
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