U.S. Existing Home Sales Fall for 5th Straight Month. Can it Affect the Riviera Maya Real Estate Market in Mexico?

8 Top Area Professionals Share the Points of theirs of View on the Future of Real Estate in the Riviera Maya

Yearly existing U.S.A home prices declined in August for the very first time in much more than a decade as U.S. home sales fell for a fifth straight month. The year-over-year drop in median sales costs represented a significant turnaround of fortunes for the after high flying housing market, which last year was publishing double digit price gains. “Pop goes the housing bubble,” explained Joel Naroff, chief economist at Naroff Economic Advisors. He predicted charges will tumble farther as home sellers struggle with a record glut of unsold houses. The National Association of Realtors reported this past Monday that sales of existing single family homes and Tampines St 62 EC showflat condominiums dropped 0.5 % last month to a seasonally adjusted annual rate of 6.30 million devices. Everything above was the 5th straight monthly decline and left sales 12.6 percent below the pace of 12 months ago.

Fine, so how will a nowadays confirmed U.S. slowdown impact the actual estate market right here in the beautiful Riviera Maya?

Well, to respond to that question first we have to understand what’s truly happening in the U.S. To begin with, it would seem that the slowdown in U.S. sales suggested that the listing of unsold homes rose to a record 3.92 million devices at the conclusion of August. At last month’s sales pace, it would take 7.5 many weeks to clean out the backlog of unsold homes, the longest stretch since April 1993. The median price of a house sold last month fell to $225,000. That has been down 2.2 percent from July and down 1.7 percent from August 2005. That marked the first year-over-year fall of home prices since a 0.1 percent fall in April 1995.

Is this a short-term problem or perhaps so is this the future of doom as well as gloom in the Riviera Maya? Find out exactly what the areas 8 Top Pros say. Read on……

mls4rivieramaya8Last year, when the five year U.S. housing boom was arriving at the peak of its, median prices posted a string of double digit gains on a year-over-year schedule. The median price may be the point where half the homes sell for far more and half for a low price. David Lereah, chief economist for the Realtors, predicted price declines would continue for the rest of this year as sellers adjust asking rates downward in light of the listing glut. “This is the cost correction we have been expecting,” Lereah said. “With sales stabilizing, we should go back to good cost advancement original next year.”

But some home sellers across the U.S.A. worried that cutting rates will not be enough, have been to offer incentives to get buyers, including in certain cases new cars. Dave Armon, who lives in the brand new York City suburb of Pelham Manor, said he began asking $1.6 million for his six bedroom Tudor style home 3 months ago — under the $1.82 million a neighbor gotten — but has slashed the cost by $300,000 as he’s attracted couple of curious buyers. “l am sitting here thinking perhaps in case I get an automobile and park it out front with a bow on it, that will help,” he said.

• 29/09/2021
• un messaggio di: Amore
• Da: aralaby9138576