Tag Archives: median home price

Posted on by December 2, 2016

New Home Sales Race to Keep Up with Demand

New Home Sales Race to Keep Up with Demand [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Many buyers who are searching for their dream homes are turning to new home construction after 10% of all new home buyers sighted a lack of inventory of existing homes as their reason for purchase.
  • The median home price decreased slightly from September’s high of $314,100 to $304,500 in October.
  • The West saw the largest month over month jump in sales at 28.7%.
Posted on by November 25, 2016

Existing Home Sales Surge Forward Through Fall

Existing Home Sales Surge Forward Through Fall [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
  • First-time homebuyers made up 33% of all sales in October.
  • Homes are selling quickly with 43% of homes on the market for less than a month.
  • A limited supply continues to drive up prices for the 56th consecutive month.
Posted on by October 24, 2016

Sales of Distressed Properties Hit New Low

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.

Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.

Sales of Distressed Properties Hit New Low | MyKCM

Existing Home Sales Hit 2nd Highest Figure Since June 

Mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.

Inventory of homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.

NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in.”

There is good news though, as Yun went on to say:

“There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate.”  

Bottom Line

If you are debating putting your home on the market this year, now may be the time. Buyers are still out there looking for their dream home. Let’s get together to determine your best plan.