Are homes more or less affordable than they were a year ago?
According to the National Association of REALTORS homes are significantly more affordable today than they were a year ago on a national basis. Housing affordability increased from a year ago in May, moving the index up 5.6% from 142.4 to 150.4. This even while the median sales price for a single family home sold in May in the US was $280,200, up 4.6% from a year ago.
The reason homes are more affordable? Nationally, mortgage rates were down 60 basis points from one year ago (one percentage point equals 100 basis points). Another piece of good news payments as a percentage of income went down to 16.6% this May and 17.6% from a year ago.
Watch as Jim breaks down the numbers as well as projections on home price appreciation over the next two years, and provides scripts for talking to your clients!
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Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely rise from college drop out to real estate Rock Star by becoming ranked in the top 1% of REALTORS® nationwide. Implementing game-changing strategies and deploying the latest technology advances Jim shattered sales records by listing over 150 properties in one twelve month period. At 24 he opened his first Real Estate Company and grew the company to 17 offices becoming the largest independent real estate company in the State of Oregon.
Today Jim leads one of the largest real estate firms in the state of Oregon with over $800 million dollars in sales volume a year with just over 160 active Brokers. As a consultant, author, speaker, and trainer Jim has one mission – to create abundance through simplicity of action. In 2018 Jim launched www.erealestatecoach.com an On-Demand Video Coaching platform designed for REALTORS to tap into highly focused information and actionable ideas based on thousands of interviews with top producers from across the country.
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Get inspired every week with on demand video training from current Real Trends Top 500 Broker Jim Remley. Implement game changing lead generation strategies, grow your sphere of influence, improve your presentation skills, and tap into your true potential.