2016 Housing Market is Strong According to Census Bureau

More new homes were sold in July 2016 than were sold in any month in almost ten years. The annual rate of purchase was 654,000, the highest since October of 2007, according to a Census Bureau report (1) which was released late last month. This is according to a recent New York Times article entitled “The Housing Market Is Finally Starting to Look Healthy” (2). This rate is also 31 percent higher than July of 2015.

This is the good news the housing market has been needing for several years now, an increase in the supply of less expensive homes in desirable areas so that Millennials may enter the housing market. This increase in supply is evidenced by the slight drop in prices in the lower end of the market. This shows market stability, that there is finally more supply becoming available, which has the effect of tapering off the rapid price increases that current homeowners like, but make buyers nervous.

This is also markedly different than the housing boom which peaked in mid-2006 which was fueled by loose credit and double-digit price increases. The bust years consisted of a combination of oversupply and tight credit, job losses and income reductions due to the recession.

Looking ahead, the analysis shows there is still pent-up demand and room for expansion in the housing market. Interest rates are low, residential investment normally averages about 4.6 percent of G.D.P. and it is currently at 3.8 percent of G.D.P. Job creation has been relatively strong in the last few years. New housing starts are pacing at more than 1 million homes a year every month since April 2015, which is more than double of the rate of 478,000 in the spring of 2009.

Anian Tunney, Piedmont CA real estate agent broker associate has listed for sale the 1912 Edwardian Estate at 117 Sheridan Avenue, Piedmont, offered at $7,250,000. Coming soon is 395 Hampton Road, also in Piedmont.

About Anian Tunney

Anian Tunney is an agent broker with The Grubb Company. According to statistics collected by East Bay Regional Data, Inc., she was the 2014 number one real estate agent in Piedmont, CA for the number of units sold and sales volume. In 2014 she was The Grubb Company company-wide top producer. Additionally, Tunney has been number 1 in yearly real estate sales for The Grubb Company’s Piedmont office for the last 8 years. Anian was also ranked 129th in the Nation by REAL Trends the Thousand in July 2015. She is known for her knowledge, experience, and network in the Piedmont community; qualities which are invaluable for finding that special home or buyers for her clients.

A fifth generation Piedmont resident, Tunney has been with the Grubb Company for over 30 years. She raised her family of four in Piedmont and is active in community projects such as the Piedmont Beautification Foundation, the East Bay Museum Auxiliary, and the Piedmont school district. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making Piedmont Realty truly a family vocation. Tunney negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.

Contact Information

Anian Tunney
The Grubb Company Real Estate Brokers
Oakland, CA 94611
510-339-0400 ext 217
tunney(at)grubbco(dot)com
aniantunney.com
aniantunney.com/blog

(1) https://www.census.gov/constru...

(2) http://www.nytimes.com/2016/08...