New apartments for rent at Carlyle Crossing in Alexandria
Typically, May is the month with the highest number of new listings, according to Realtor.com. But, even with the improvement in inventory, buyers have only two homes to consider for every five homes they had before the pandemic, according to a Realtor.com analysis.
Homes spent six fewer days on the market in the week ending May 14 than a year ago. In addition, homes will sell faster than ever in April 2022, according to Realtor.com. Homes often sell quickly during the summer months.
Still, this trend seems to show a further increase in the number of houses for sale, which may ease the competition for buyers.
Black homeownership continues to lag in the 50 largest US cities.
Buyers in many markets face competition from institutional investors who buy single-family homes for rent or to renovate and resell. The National Association of Realtors recently examined the impact of these investors on the housing market. According to the NAR report, institutional buyers — defined by the transaction data as corporations, companies or limited liability companies — will account for 13.2 percent of home purchases in 2021. This is higher than the 11.8 percent in 2020, but below the peak share. 15.7 percent in 2014.
The survey found that an average of 42 percent of single-family properties purchased by institutional buyers converted to single-family rentals. The rest were sold directly to buyers or as part of lease or joint-equity arrangements with prospective owners.
In the year Homeowners who sold to institutional investors rather than traditional buyers in 2021 did so because the investors offered cash (29 percent), were willing to buy the home (27 percent), and offered a guaranteed purchase date (18 percent).
The influence of institutional investors is greater in some areas than others. According to Narrative researchers, among the 10 states with the highest share of purchases by investors are Texas (28 percent), Georgia (19 percent), Oklahoma (18 percent), Alabama (18 percent), Mississippi (17 percent), and Florida (16 percent). percent) Missouri (16 percent), North Carolina (16 percent), Ohio (16 percent) and Utah (16 percent).
For the full report from Realtor.com, visit www.realtor.com/research/weekly-housing-trends-view-data-week-may-14-2022.
For the full report on institutional buyers from NAR, visit cdn.nar.realtor/sites/default/files/documents/2022-institutional-buyers-impact-on-home-sales-and-single-family-rentals-05. -12-2022.pdf.