Posted in Real Estate Investing

June – a slow month for Home Sales

 (increasing mortgage rates) “…may have taken some of the steam out of the market.”

ScreenHunter_114 Jul. 23 07.07

After hitting a 3.5 year record high, home sales took a dip of 1.2% in sales to an annual rate of 5.08 million home sales in June.  According to Lawrence Yun, Chief Economist for the National Association of Realtors, increasing mortgage rates “may have taken some of the steam out of the market.”

Nonetheless, there is still a lot of demand in most US cities. The problem lies in the most expensive regions: Hawaii, California, and the New York City metro area:

“We’re still dealing with a large pent-up demand,” he said. “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market,” says Yun.

Foreclosures and short sales have taken a back seat in the market, accounting for 15% of existing home sales. With these distressed sales clearing the market, home sellers can expect a greater return on their properties as the median home price has increased 13.5% since June, 2012 – a consecutive gain in median home prices for 16 months!

If you are thinking of selling, there is a lot of demand for what buyers consider “good” homes and the conditions (demand) is continually improving, aside from the interest rate increase. But seriously, were we thinking that they’d actually stay that insanely low forever? Seriously? 

Source: Money.CNN.com

http://money.cnn.com/2013/07/22/real_estate/home-sales/index.html?section=money_realestate&

Author:

Bio: Student, Actor, Musician, Drama Club Director, Author, Content Creator, Soldier, Sailor, Sales Associate, Store Manager, Appraiser, Real Estate Broker, Mortgage Broker, Attorney (non-licensed), Teacher, Dept. Chair, Executive Director, CEO, Father, Son, Brother, Cousin, Nephew...these are some of the titles I have/had in my life journey. My favorite color is blue, my favorite number is 3, and my favorite music is smooth jazz. I like cigars, bourbon, scotch, wine and craft beer (mostly from Belgium and Germany). I LOVE to travel. When I grow up, I'd love to own a yacht and hang out off the coasts of CinqueTerre, Italy and Marseilles, France.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s