[ad_1]
The average number of new home buyers registered with real estate agent branches jumped 34% to 94 in February from a month earlier, Propertymark data shows, painting a “robust picture” of the market.
That number is also up 141% from the December seasonal lull, “suggesting buyers aren’t putting off finding a new home because of rising interest rates,” the real estate agency’s latest report said.
The supply of new homes listed for sale in each member branch remained stable at 10 per branch last month.
The average number of matched sales per branch rose to eight in February, the same level as a year ago.
It says that the total amount of real estate available to each member branch continues to “increase” and currently averages 32 per branch last month.
Three-quarters of agents reported that most transactions were below the asking price, up 55% from a year ago.
However, research shows that in the rental market, an average of 10 potential tenants register for every property available for rent.
It says the number of new tenants registered at each branch was 91 in February, close to last spring’s average of 94.
But the number of rental units per branch remained stable at 9 last month.
Half of the agents reported that the average rent is rising from month to month.
Propertymark CEO Nathan Emerson says: “There have been many dark rumors about the housing market since last fall, but the activity seen by Propertymark agents paints a clear picture.
“Transaction levels have been stable year on year and listings of new properties entering the market have also been stable.
“Any signs of something negative on the horizon will see these numbers fall below previous years.
Emerson adds: “Prices have been affected by rising interest rates, but sellers still have incentive to keep going and while interest rates are expected to rise again, they are not expected to rise excessively before stabilizing.
“However, the rental market remains very unbalanced, with an average of ten registered bidders per property.
“As demand continues to outstrip supply, rent pressure has eased slightly from last summer’s peaks, but has by no means gone away.”
Home buyers who signed up with real estate agents jumped 34% since Propertymark first appeared on Mortgage Strategy.
[ad_2]
