Realtor.com® will further evolve its quarterly update in 2014, focusing on improving markets as well as the emerging dynamics now taking hold on a wider basis across the country.
“The Turnaround Towns report algorithm was a game-changer in next-gen real estate analytics – a holistic perspective on real-time market statistics like price and inventory in the context of consumer search metrics, weighted proportionally across the country to effectively measure apples-to-apples market acceleration,” said Samuelson.
“It has offered tremendous insight into market dynamics during one of the most dramatic periods of economic volatility in a century, and enabled us to be the first to surface acceleration trends in many cases. In 2014 we will further evolve this trend watch tool and continue to focus on revealing standout markets as we identify, track and measure emerging developments in the marketplace at the national, regional and local levels.”
Significant changes in economic factors in coming months could still impact the strengthening market, including reduced affordability levels, rising mortgage rates, and federal fiscal uncertainty – both recent and ongoing. The National Association of REALTORS® (NAR) reported in October that affordability has fallen to a five-year low as home-price increases easily outpaced income growth, and projected mortgage rates to rise to 5 percent by mid-summer of next year. NAR also warned that complications with the mortgage loan process resulting from the government shutdown are just one factor that may impact fourth quarter sales closings.