Real Estate Market

Market Trends Newsletter

Housing Report

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)

National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.

Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."

Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.
     
  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.
     
  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.
     
  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

Looking For the Safest City in America? Look No Further Than Fishers!

It seems more and more that it's hard to find a safe place to live.  Sure, no city is perfect.  But there are some that certainly stand out.  Fishers is such a place. CQ Press rated fishers the safest city in the nation from 2011-2013, the 8th best place to live my Money magazine, the best affordable suburb by BusinessWeek, and the 11th best place to move to by Forbes. Not only is Fishers a safe place to rent or buy a home, but it's affordable as well!

What else can you find in Fishers? Great shopping and dining to start with, with the Fishers Farmers market, Deer Creek Shops and The Centre North mall. And you won't have to go far for outstanding food with restaurants like Bubba's 33 and The Roost. 

Looking for something to do? The Geist Reservoir offers fishing and water skiing. A summer concert series is also held in Fishers called “Symphony on the Prairie” and is held at Conner Prairie. There are also two annual festivals in Fishers - Fishers Renaissance Faire and Fishers Freedom Festival. And you'll have 16 parks, nature preserves, and 85 miles of trails to explore.

Want to learn more about the safest city in America? Visit our Fishers Real Estate & Community Information page to learn more and find your dream home for rent or sale today!