For the twenty-eighth consecutive month, home prices have
increased year-over-year. June's median existing-home price reached $223,300, a
climb of 4.3 percent from a year ago. The Midwest and the South saw price
increases of 4.6 percent and 3.4 percent, respectively. Buyers in the West saw
even greater price increases, as median prices rose 7.2 percent above June
2013. Only the Northeast reported a slight drop in median price of 0.1 percent.
Home Sales Are Up
Existing-home sales increased in June to 5.04 million, setting the highest
sales pace since October 2013. Yet existing-home sales are still 2.3 percent
below June 2013. In the Northeast, monthly sales rose 3.2 percent, but were 3.0
percent below last year. Sales increased by 6.2 percent in the Midwest but were
still 2.4 percent lower than a year ago. In the West, monthly sales rose 2.7
percent, but were 7.3 percent below last year. The South saw a small
year-over-year gain. Sales climbed 0.5 percent from May, up 1.0 percent from
June 2013. Who's Buying and Who's Waiting
Investors are taking advantage of the current housing market. For the past
three consecutive months, all-cash sales represented 32 percent of all
purchases. Individual investors typically make all-cash offers; in June, 69
percent of investors paid in cash, accounting for 16 percent of the month's
total home purchases. Sales to investors in June were unchanged from a month
earlier and only one percent lower than a year ago. First-time buyers,
meanwhile, only accounted for 28 percent of the market in June. Though this is
up one percent from May, the number of first-time buyers entering the market
continues to under-perform. Homes Selling Quickly
For the sixth consecutive month, properties sold faster than the month before.
The median time on market in June was 44 days, a drop from the 47 days it took
a home to sell in May. In comparison, it took 37 days on market for a home to
sell in June 2013. Supply and Demand
Though inventories are rising, some parts of the country―particularly the
West―are still experiencing housing shortages. When combined with high demand,
these shortages are driving home prices up. Economists with the National
Association of Realtors believe a balanced market can only be achieved with a
50 percent increase in new home construction. With builders stepping up to meet
demand, buyers will find the homes of their dreams at reasonable prices.
If you're thinking of selling, and want to discuss your options, feel free to give me a call at 214.454.4646 to set up your FREE consultation.
Author:Stephanie Gonzalez Phone: 214-454-4646 Dated: September 15th 2014 Views: 814 About Stephanie: About Halo
We understand that for many people, buying or selling a home is probably the largest i...
We understand that for many people, buying or selling a home is probably the largest investment decision that they will make in their lifetime. Halo Group Realty LLC thus became active in selling Real Estate in 2008 and was setup to make this process a simple and painless transaction. Your dedicated agent will guide you every step of the way to make purchasing or selling your home enjoyable and exciting… as it should be!
Today, Halo Group Realty LLC is at the cutting edge of technology in offering assistance to those in need of real estate services, and we have revolutionized the method of delivering education to consumers. Halo is established as the place for consumers to get the knowledge and assistance they deserve in the process of facilitating the Real Estate transaction, positioning you in the best possible situation to get the best price when you either to buy or sell. With leadership, innovation and forward thinking, Halo Group Realty, LLC is poised to make a huge impression in the real estate market while providing clients the keys to home ownership.
Our goal is to help make your dream a reality and take away all of the stress that goes along with purchasing or selling your home. Whether you are purchasing new construction, an existing home, or just an open space for future enjoyment, representation by a Halo agent is a valuable tool in making your dream become a reality.
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"Joni is awesome. She is super easy to work with. She really looks out for her clients and she is not afraid to tell you the truth and doesn't sugar coat things. If something is a problem she tells you. She is great at helping you shuffle through all the demands of buying a house and helps keep you on track with what needs to be done. I can't recommend her highly enough."