May Market Update
- Very similar to April. Listings and sales volume was down, but prices are up significantly.
- Days on market and the number of expired listings continues to fall.
What is the FHFA Report?
- A report that distributes data around home prices and appreciation.
- FHFA – Federal Housing Finance Agency.
- The data in their reports comes from government agencies including Fannie Mae and Freddie Mac. They use only conventional conforming loan transactions to build their reports.
- In addition to the monthly and quarterly housing price reports, they publish a number of useful reports.
What’s in the report?
- These reports are filled with great charts and graphics to visualize the data.
- They maintain historical data on the housing market going back to 1991. Housing prices show a compound annual growth rate of 3.6% since that time.
- Nationally, we’re about 22% above the April 2007 home price peak.
- Regional data on home price changes.
- As of the 1st quarter 2019, Alabama is 7th in the US for year over year home price appreciation.
- Our neighbors in Tennessee, Georgia, and South Carolina are all in the top 10.
- Birmingham Ranks 41st out of 241 Metro Statistical Areas
- Volatility parameter estimates for each state. These are mathematical assumptions about how much markets in a state will move. Alabama ranks 23rd for this measure.
Where to find the FHFA report for yourself?
This is a really great report to keep track of monthly and quarterly.
Here’s a link to the Q1 Report used in this post.
Here’s a link to the FHFA website where they post all their reports.
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