Housing Sales Soften While Prices Escalate

This summer has been tumultuous for homebuyers and home sellers as they navigated blistering inflation, higher mortgage interest rates, and record home prices. But, the latest existing housing sales report from the National Association of REALTORS suggests that the market may be headed toward stabilization.

Housing sales volume in July 2022 retreated 5.9% from the previous month and was 20.2% lower than in July 2021. Meanwhile, median home prices shrank from $413,800 in June to $403,800 in July, but prices were still 10.8% higher than a year ago in July 2021, marking 125 consecutive months of year-over-year price increases.

Among the reasons cited for the declines was mortgage interest rates increasing, compared to 2021 when the average commitment rate for a conventional 30-year fixed rate mortgage was 2.96%. Consumers paid double that percentage (5.41%) for the same loan in July 2022.

Homes are staying on the market slightly longer – from 2.6 months of inventory on hand in July 2021 to 3.3 month’s supply in July 2022. Yet, housing sales are still brisk. Eighty-two percent of homes sold in July 2022 were on the market for less than a month.

Housing shortages still abound, which is why prices aren’t falling any more than they have. Exacerbating the shortage is a slowdown in new single-family home starts as home builders turn instead to multi-family projects.

If interest rates and home prices continue to drop, sales volume could heat up again.

Guidelines for Safe, Clean Remodeling

As much as you’d like to rely on the professionalism of remodeling contractors (or yourself if you’re DIYing the renovation your home) the most important thing to be done is to keep the work site as dust-free and clean as possible.

Dust is one of the biggest dangers to the health of people and pets during a remodeling project. According to Buildclean.com, dust can include harmful substances such as dirt; organic matter from rodent feces and dead bugs; drywall, cement and sawdust materials; silica, asbestos and lead particles; mold and mildew; and volatile organic compounds like aerosols, paint, cleansers and solvents. The smaller the particles, the more dangerous they are, says the Environmental Protection Agency, especially those not visible to the naked eye.

Protective measures should include personal protective equipment for dust-generating work, such as facial masks, safety glasses, Tyvek disposable coveralls, shoe covers, and chemical-resistant gloves. Don’t allow anyone unauthorized to enter the work space, especially without protective gear. Because dust is so easily airborne, no one should eat or drink inside the work space.  

Prevent airborne dust from traveling to other parts of the residence. Limit traffic to and from the work space to prevent dust and debris being tracked elsewhere in the house. Turn off ceiling fans and air conditioning during dust-generating work. Cover vents, doorways and floors with plastic sheeting. Remove or cover furniture, wall décor, house plants and decorative accessories. Clean up, seal off and remove excess dust and debris from the work site daily.

5 Pre-Holiday Decluttering Ideas

The holiday season can be a whirlwind. Between school plays, gift-giving, charity functions and family time, it can be hard to find a moment to take a break. The last thing you want to face in the midst of the hustle-and-bustle of the holidays is overwhelming clutter after the gifts have been opened. Thankfully, these pre-holiday decluttering ideas can spare you the clutter while helping others this year.

Tackle Your Coats
This time of year can be very difficult for families who do not have adequate and warm clothing. Many of us have too many coats clogging up our closet for those “just in case” occasions. Do your closet a favor and create more breathing room between your hanging items by donating extra coats. Many charities are accepting warm coats this time of year, so there will be no doubt they’ll get more use than you would have given them.

Cull Holiday Decor
Over the years we tend to collect extra holiday decor. Whether you got it on sale, as a gift or inherited it from family, there’s no shortage of ways we tend to amass a larger collection than we ever intended. Before you break out your favorite items, it’s time to cull the things you don’t need. It will make decorating and cleanup a breeze after the holidays. You’ll thank yourself later. 

Conquer the Toy Mountain
Toys are notoriously difficult to organize and declutter. This means many parents avoid the task until it’s become an overwhelming problem. Encourage simplicity this season by evaluating your childrens’ toys before the holiday gift-giving starts. This ensures that you’re able to donate toys to children who could use them, and can help you evaluate what your child truly needs this year when it comes to new toys.

Evaluate Your Kitchen Utensils
Your Holiday kitchen items can use a once-over. If you keep thinking that you will eventually bake a holiday bundt cake, but each year you opt for your family’s favorite pie instead, it may be time to ditch the pan.

Assess Your Seasonal Clothing
If the full season passes and you never touched a particular sweater, it’s time to think about why you never reach for it. Is it too difficult to clean or does the texture feel unpleasant? It may be time to let it go.

Courtesy of RisMedia

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