Median Rent Prices Skyrocket As Home Buyers Continue To Search

Dated: 11/10/2017

Views: 969

Consumer confidence rose to 125.9, which is the highest it has been in almost 20 years; however, moving into the 4th quarter, pending sales are down compared to 2015 and 2016. This is directly due to the lack of inventory, and the lack of supply is driving unadjusted house prices higher. 

Now is the time to sell in the GreenvilleGreer, and Spartanburg area. We cannot attribute the decline in pending sales to mortgages rates either, because mortgage rates were 3.97 at the start of the year and is currently at 3.94 according to Freddie Mac. Historically, the percentage of income needed to afford median rent has been 25.8% of the income. As listings fall in short supply, forces home buyers to rent driving the median rent percentage to 29.2%.  In contrast, the percentage of income needed to afford a median home historically has been 21% and is currently 15.8%. Affording a home is becoming easier and easier. 

Mark Fleming Chief Economist, First American, “If you’re renting and thinking of buying, then now is the time.”

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