Home prices continue to climb on the national housing market, according to the most recent reports.

Real estate data specialist RealtyTrac recently revealed that property prices across the country are up 5 percent year-over-year.

Meanwhile, home sales are up 8 percent.

And the news just keeps getting better for national home sellers!

More Information on Recent National Housing Market Activity

RealtyTrac recently released a report that offered some encouraging figures for interested home sellers:

• The national median sales price was $168,000 in June, up 3 percent from the month before.
• Existing home prices in the country have increased by 13.5 percent in the last 12 months.
• The median price of a distressed sale (or a property in foreclosure or bank owned) was $120,000, about 24 percent below the median price of a non-distressed home.
• Those markets that saw sales increase in June tended to be those states where there was a lingering distressed home inventory.
• Meanwhile, those markets that saw sales decrease tended to be those in which the majority of the distressed home inventory had already been absorbed.
• Cash-only home purchases accounted for 30 percent of all sales in June, down from 31 percent of all sales in May.
• Metropolitan areas with the highest percentages of cash sales were: Cape Coral-Fort Myers in Florida (70 percent), Miami (64 percent), Las Vegas (62 percent), Sarasota in Florida (59 percent) Tampa (58 percent) and Detroit (56 percent).
• Sale of bank-owned properties made up 9 percent of all residential sales in June, down from 10 percent in May 2013.
• Those top metro areas where bank-owned sales accounted for higher percentages of total sales were Detroit (24 percent), Modesto, California (24 percent), Stockton in California (24 percent), Las Vegas (22 percent) and Akron, Ohio (21 percent).
• Short sales accounted for 14 percent of all residential sales in June, up from 8 percent in June 2012. Although it was also down from 15 percent in May 2013. Those states with the highest percentage of short sales in June were Nevada (30 percent), Florida (29 percent), Maryland (21 percent), Tennessee (19 percent), and Arizona (19 percent).
• Those metro areas with annual increases in median prices of 20 percent or more were: Sacramento (35 percent), San Francisco (30 percent), Los Angeles (27 percent), Las Vegas (26 percent) and Phoenix (25 percent).
• Those states with the largest distressed sale discount were Ohio (58 percent), Michigan (48 percent), Illinois (47 percent), Massachusetts (46 percent) and Wisconsin (45 percent).

Keeping Our Eye on National Housing Market Trends

Just consider us your real estate market experts!

As more develops on the market, we’ll keep you posted on those trends and how they may affect home sellers.

More home builders are committing to projects across the nation, according to a recent Associated Press article.

In May, home builders applied for permits to build single-family homes at the fastest rate in five years.

This is a crucial improvement for the real estate market because it will help increase the available inventory of homes for sale, which has fallen short of the demand for such homes in recent months.

National Real Estate Trends

Here’s what every prospective home buyer and seller should know about the recent trends in home construction:

• The rate of homes started increased 6.8 percent in May, to a seasonally adjusted annual rate of 914,000.
• The increase in May helped to offset the 14.8 percent decline in home starts in April.
• During the month of May, construction increased in the single-family homes sector as well as for apartments and condominiums.
• The seasonally adjusted annual rate for the number of applications for single-family home building permits increased by 1.3 percent, to 622,000.
• That figure is the highest it’s been since May 2008.
• However, when you consider all permits, that figure actually dropped by 3.1 percent, or to a seasonally adjusted rate of 974,000. This was mostly because of the more volatile apartment permit sector.
• When broken down by specific region, housing starts in the South increased by 17.8 percent in May.
• Housing starts increased by 5.7 percent in the West.
• Conversely, housing starts in the Midwest and Northeast actually fell, by 13.7 and 9 percent, respectively.
• New-home construction has increased 28.6 percent since May 2012.

Experts say that housing is the strongest part of the economy in terms of growth.

They also pointed to an increase in consumer prices as evidence that the housing market is mildly benefiting all sectors of the economy.

For instance, the Labor Department reported that consumer prices increased slightly in May.

The Consumer Price Index increased by a seasonally adjusted 0.1 percent between April and May. Over the last 12 months, prices have increased 1.4 percent.

Your Local Real Estate Experts

Check back here soon for more valuable insight on the current state of the national housing market and how it is affecting other areas of the economy.

You’ll also discover how such trends are likely to affect you as a home buyer or seller.

If you’re a current home owner who is wondering whether to enter the market, we’re here to tell you that now is a great time to do so!

Here’s the top reason why home owners should list their home right now: Home prices are on the rise!

NBC News recently reported that home prices have increased 7.7 percent in the year through June.

Home buyers wanting to enter the market before prices climb even higher have only encouraged this upward momentum.

What Else Home Sellers Should Know About the National Market

NBC News revealed even more interesting data about the current state of the national housing market and its submarkets:

• The Federal Housing Finance Agency reported that June home prices were 17 percent higher than a year earlier in the Pacific area, including California and Washington.
• In the Mountain region (which includes Nevada and Arizona), home prices increased 11 percent.
• Meanwhile the Middle Atlantic region (which includes New York, New Jersey and Pennsylvania) saw home prices increase by 2.5 percent.
• The National Association of Realtors reported that the median price of previously owned homes increased 13.7 percent for the year through July. That figure was $213,500.
• Sales of previously owned homes increased by 6.5 percent in July to the fastest pace since November 2009.
• The inventory of homes for sale is around 5.1 months nationally right now.

Experts do caution that higher borrowing costs may end up pricing some buyers out of the market, consequently slowing the pace of home sales.

For instance, mortgage applications for both home purchases and refinancings decreased for a second straight week recently as rates increased, according to the Mortgage Bankers Association.

Still, experts note that home prices are still relatively affordable by historical standards in most local markets, encouraging continued activity.

They added that the continued increase in home sales and home prices will depend heavily on the health of the overall job market. 

National Real Estate Experts

Check back soon for more updates on the current state of the national housing market and how it’s affecting local markets in your community.

Whether you’re a home buyer or home seller, we’re here to provide you with valuable information that will help you navigate the market.

The housing market is on the mend and is not as grossly out of whack as it has been in years past, according to a recent USA Today article.

Evidently, housing markets across the country are reporting that more homes are coming on the market and asking prices are leveling out.

This all means that the housing market is becoming increasingly stable, instead of an extreme buyer’s or seller’s market.

More Trends To Be Aware of on National Housing Market

Here’s an overview of recent real estate activity on the national housing market:

• Through June 2013, U.S. home values increased by 10 percent, which is the fastest rate it’s been since 1977.
• Meanwhile, asking prices (which are the top indicator of sales prices) increased to a seasonally adjusted rate of 3.3 percent in May and June.
• Although this increase is noticeable, it is less than the 4.2 percent jump that happened six months ago.
• Some of the hottest markets in the country – including Las Vegas, San Francisco and Portland – are reporting that increases in asking prices have slowed even more in recent months.
• Meanwhile, pending home sales dipped in June, with rising interest rates deterring some buyers.
• Bidding wars also appear to be leveling off. In July, 63 percent of buyers’ offers on Redfin faced competition in 22 markets. That’s down from 68 percent in June and 76 percent (the peak) in March.
• Increases in median home values have also slowed. For instance, in Miami, the median home value increased 0.7 percent from April to May, compared with 0.6 percent from May to June.
• Comparatively, home values have increased at least 1 percent month-over-month during the previous five months.

Experts credit some of the market slowdown to seasonal factors, since a lot of people go on vacation in July.

The fact that there is more inventory on the market may also play a role.

For instance, on a national scale, the for-sale home inventory was down 5.3 percent in July year-over-year. But in January, that inventory was down 16 percent year-over-year.

Moreover, between June and July, the housing inventory increased by 1.4 percent.

This increase in housing inventory is giving home buyers more options when it comes to what kind of home they want.

Experts also contend that the recent slowdown in home price increases is a positive sign. That’s because rapid appreciation encourages house flipping, which causes home prices to skyrocket to unaffordable levels.

If prices keep rising as fast as they have been, it will create a bubble, which is what caused the housing market to crash in the first place.

A slower rising home value environment, on the other hand, will encourage home ownership and lasting investment.

National Housing Market Experts

All of the recent data suggests that home buyers and home sellers are likely to encounter a much more balanced, and less frenzied, housing market.  This is sure to give both groups confidence in the overall health of not only the market, but their home investment.

Check back here soon to see more updates on the state of the national housing market, and what it means for interested home buyers and sellers!

A conversation with Bruce Goff

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