DALLAS, May 30, 2019 (GLOBE NEWSWIRE) -- As the second quarter of 2019 is halfway over there are new trends coming to light in the housing industry. Despite an uptick in competitiveness across the nation in the homeowners’ market, it is predicted home inventories will start to increase over the upcoming months. This comes as a significant change to the housing industry that has been experiencing shortages of housing availability and development that in return has created rising costs as the pool of options continued to decrease.
According to the online real estate analyst Open Door, since 2015 the housing market has experienced year over year increases with market values growing in major cities like NYC, San Diego, Boston all the way to suburban locations in states such as Texas, Arizona and Florida. Though these prices have had an impact on the number of new homes sold and the rate of new house development. It was reported in 2018 that the sale of new houses declined around ten percent compared to the previous year - the largest decline seen over the previous seven years.
As the industry has seen throughout the past decade however the market does eventually reach a cap where inflation and availability start to even out. Real estate analysts and professionals agree this looming outcome maybe around the corner but not necessarily in the way seem in the past.
Property development firm Western Rim Properties is continuing to feed the rental market, as they prepare to introduce their new communities. Bringing three new rental projects to the DFW, San Antonio and Austin areas; the firm is ready to begin renting its second set of 2019 developments to the public.
“When we see housing availability increase, the market often follows with decreasing prices however there are several other factors that can cause prices to remain high.” shares property developer and Texas based entrepreneur Marcus Hiles.
The housing market has experienced many fluctuations focused on value, availability, and funding options that has pushed many out of the playing field and into alternative housing options, mainly renting. Most specifically resides within the financial responsibility and current climate of mortgage rates in the home ownership market. Although housing availability is expected to increase the rate of mortgages are expected to remain the same, and this alone will likely keep house prices out of reach for many.
“With the largest segments of would be home buyers falling with populations of millennials, first-time buyers will struggle with meeting the requirements and financial commitments of today’s housing markets. This has encouraged many to put home ownership on hold until the market levels out and it financing becomes less of a burden.” adds Marcus Hiles, CEO of leading rental property firm Western Rim Properties which has established over 20,000 rental units across the state of Texas.
As home ownership has become less obtainable from market factors, populations are looking to rental options for both short term and long-term options that provide flexibility and affordability. The 2019 market forecast predicts housing availability will increase, however until home costs are driven down many buyers will wait until closing on their next property.
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