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We need more homes to be available for sale in order to have a more balanced housing market. Part of that should come from an increase in home construction to build new homes. However, according to the US Census Bureau, August 2021 housing starts for single family homes decreased 2.8% from July and only increased 5.2% from Aug 2020. In addition, permits pulled by builders were flat from last month and last year. This makes it challenging about buying a new home.
The main challenges home builders are facing are building material supply chain and cost issues along with labor challenges. According to the most recent release of the Bureau of Labor Statistics Producer Price Index, the prices of goods used as inputs to residential construction excluding energy have risen 12% YTD. Also even though lumber prices have been declining, other building materials have skyrocketed in price.
Check out this video that I made about my concerns with buying a new home: https://youtu.be/LykvBgkSw_I
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 3.14% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
Follow me on Instagram ➜ @SacramentoRealtor
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Why Aren’t Home Prices Dropping? Housing Market 2020
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed Realtor with Realty One Group in California under DRE 01923240.
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