Photo: Fall Below The Bridgers, Courtney King
The National Association of Realtors has worked hard to educate lawmakers both on the importance of affordable housing and protecting real estate investments. Good news...
Tax Provisions Spare Real Estate Investments The most feared taxes on real estate investment were excluded. “Some of the earlier tax proposals floated would have devastated the real estate sector, which makes up nearly one-fifth of the entire economy,” McGahn says. “This framework has no 1031 like-kind exchange limits, no capital gains tax increases, no change in step-up in basis, no tax on unrealized capital gains, no increased estate tax, no carried-interest provisions, and no 199A limits. The tax provision of this framework is very positive for consumers, property owners, and the real estate economy.”
Affordable Housing In response, last week, NAR CEO Bob Goldberg joined other housing leaders and key members of Congress near the Senate steps for a press conference calling for the inclusion of affordable housing provisions in the final bill. This includes funding for the following programs within the housing section:
- Public housing
- Housing Trust Fund
- HOME
- Down-payment assistance
- Housing vouchers
- Minority Business Development Agency
Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association - 21.6% of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
Closed Sales decreased 16.8 percent for Single Family homes and 19.7 percent for Condo/Townhouse homes. Pending Sales remained flat for Single Family homes but decreased 13.4 percent for Condo/Townhouse homes. Inventory decreased 11.5 percent for Single Family homes and 41.9 percent for Condo/Townhouse homes.
The Median Sales Price increased 24.4 percent to $690,000 for Single Family homes and 42.9 percent to $466,000 for Condo/Townhouse homes. Average Days on Market decreased 66.1 percent for Single Family homes and 39.7 percent for Condo/Townhouse homes. Months Supply of Inventory remained flat for Single Family homes but decreased 38.9 percent for Condo/Townhouse homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-overyear gains, would be music to the ears of homebuyers throughout the country.
BOZEMAN & SURROUNDING MARKET
ENNIS & SURROUNDING MARKET
LIVINGSTON & PARADISE VALLEY LAND
ENGEL & VÖLKERS MARKET STATISTICS
PollyAnna Snyder
Licensed Partner | Private Office Advisor
Engel & Völkers Bozeman
106 E Babcock Street
1C
Bozeman, MT 59715
(406) 600-2477
pollyanna.snyder@evrealestate.com
www.bozemanrealestatemt.com
46652
PollyAnna Snyder
Licensed Partner | Private Office Advisor
Engel & Völkers Bozeman
106 E Babcock Street
1C
Bozeman, MT 59715
(406) 600-2477
pollyanna.snyder@evrealestate.com
www.bozemanrealestatemt.com
46652
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