Real Estate News You Can Use – Paul Langrock

Price growth
A FRIEND ONCE TOLD ME, “It’s not where you are in life; it’s where you’re heading”. Real estate’s trending in the right direction with data showing it’s gaining momentum. You’ll want to read the solid, sober facts below.
“Though the growth in national median home prices slowed in the second quarter of this year, it’s a sign that the market is returning to more sustainable levels, according to the latest quarterly report) be the National Association of Realtors. “The slowdown in home-price appreciation should ultimately benefit buyers and sellers”  says Lawrence Yun, NAR’s chief economist…. “At this slower but healthier rate, home owners can continue steadily building equity,” Yun says. “Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”….“The improving economy and lower interest rates are increasing the pool of interested buyers,” he says…. However, despite an improving economy, competition among buyers is still tight and all-cash offers are still common.

Spring was healthiest market in three years according to Realtor.com. Inventories and prices are rising nationwide. July’s year over year increases were 2.3% and 7.5% respectively with the momentum expected to continue through the end of the year.

Regional Snapshot by NAR:

Across the country, here’s a look at how existing-home sales performed in July:

  • Midwest: Existing-home sales rose 1.7 percent in July to an annual 1.22 million level, but remain 4.7 percent lower than July 2013 numbers; median price: $175,200, up 4.1 percent from a year ago.
  • Northeast: Existing-home sales held flat in July at an annual rate of 640,000 for the second consecutive month, remaining 9.9 percent below year ago levels; median price: $273,600, a 2.4 percent increase year-over-year
  • South: Existing-home sales increased 3.4 percent to an annual rate of 2.12 million, and are up slightly by 0.5 percent year-over-year; median price: $192,000, up 5.0 percent from a year ago.
  • West: Existing-home sales rose 2.6 percent to an annual rate of 1.17 million, but are 8.6 percent below year ago levels; median price: $304,100 — 6.3 percent higher year-over-year.