Real Estate Market

Note: June 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018).

NAR's chief economist, Lawrence Yun, said the nation is in the midst of a housing shortage and much more inventory is needed. “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country." "Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”

The median existing-home price for all housing types in April reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). June’s price increase marks the 88th straight month of year-over-year gains.

Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing-homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

Properties typically remained on the market for 27 days in June, up from 26 days in May and in June of 2018. Fifty-six percent of homes sold in June were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.80% in June, down from 4.07% in May. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 35% of sales in June, up from 32% the month prior and up from the 31% recorded in June 2018.

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today.

Take advantage of our experience! Contact us for a list of preferred mortgage professionals in our area -- pros we know will serve your interests well. Our experience can really help when it comes to finding the right mortgage professional and then getting the right mortgage for your situation.