Having information on the housing market is the best way to ensure you’re buying at the right time. Buying your house will without a doubt be the largest purchase you ever make, you don’t want that to be a mistake. The housing market is typically stable, but you should be aware when it’s in a downswing and when it’s in an upswing. There are indicators that help you better understand the housing market and we have them right here.
1. Construction Spending
Every month the U.S. Census Bureau releases a report on construction spending in the United States. There is residential and nonresidential and private and public spending. In the report you will also be able to compare the month to the same month last year to better help you understand how much construction is taking place.
2. Home Sales
Like the U.S. Census Bureau, the National Association of Realtors creates a report on the number of used homes sold every month, as well as the same comparison to last year. With this information, you will be able to see the prices, regional sales performance, and home sale closings. There is also a report that is based on the pending home sales of houses expected to sell within the next few months for more information.
3. Price Indices
Standard & Poor’s put out a report on Home Price Indexes each month too. Here you’ll find the national trend in home prices. You will also be able to see the prices of homes in metropolitan areas. Other indexes to look at include Corelogic which provides a report of nationwide prices and distressed sales.
When you utilize this knowledge together you’ll be able to get a better sense of the housing market and whether or not it’s the best time for you to buy.