August 08, 2019
The state of the housing market sill looks good. So does commercial and industrial real estate.
U.S. home-sale prices increased 2.7 percent year over year in August to a median of $312,200 across the 217 metros Redfin tracks. Home prices have been growing in a tight range between 1 and 3 percent year over year since September 2018.
“Although home-price gains remained relatively modest in August, supply and demand are now heading back toward sellers’ favor,” said Redfin chief economist Daryl Fairweather. “Home sales are accelerating as buyers eat into a diminishing number of homes for sale. While these trends are to be expected given that mortgage rates have been declining since late last year, global economic uncertainty and talk of a looming recession in the U.S. are staving off many aspects of hot seller’s market–think bidding wars, fast sales and huge price escalations–at least for now.”
Grand Rapids, MI was the fastest market, with half of all homes pending sale in just 10 days, down from 12 days a year earlier. Tacoma, WA and Indianapolis, were the next fastest markets with 13 and 14 median days on market, followed by Omaha, NE (14) and Rochester, NY (14).
The most competitive market in August was San Francisco, where 61.6% of homes sold above list price, followed by 50.9% in Oakland, CA, 48.3% in Buffalo, NY, 46.6% in Tacoma, WA, and 46.0% in Rochester, NY.
As far as commercial real estate trends, Coworking spaces are booming throughout the company and seeking such locations as: