By Jim Hester
Weather to buy or sell may not seem as black or white following recent housing indicators. Johnathan Smoke, chief economist at Realtor.com says the residential real estate market continues to grow strong in July.
According to Realtor.com’s Advance Read of July Trends , which draws on residential inventory and demand trends over the first three weeks of the month, the prevailing positive price trend continues with the national median list price increasing to $234,000, up 7% over July 2014 and up 1% over June 2015. Average days on market increased to 69 days, down 7% from June 2015. The national average home price is now higher than in 2006. The data suggests that increasing days on market bodes well for more moderate price appreciation in the months ahead. Going forward the expected increase on mortgage rates and changes to the closing and loan process now scheduled to be implemented October 15, 2015, will also slow down the housing market going forward.
Over the past several weeks, there have been reports that existing home sales are up (3.2 % month over month), new home sales are down (6.8% month over month), and pending home sales are down (1.8% month over month) and up (8 % year over year), which has resulted in a lot of confusion. The location of the majority of these trends tends to be in California and Texas. Despite the mixed signals, the National Association of Realtors is comfortable stating the housing market remains strong. Lack of inventory is a factor suppressing many housing markets across the U.S.
In Lake Lure there remains plenty of housing and land inventory in this area as Lake Lure tends to be a lagging market when compared to national trends, however the Lake Lure market is picking up with the demand for second homes increasing as the baby boomer generation is looking for retirement homes and vacation homes. The best place to follow the homes for sale in the housing market is to use Realtor.com.
Jim Hester, Broker/Realtor, Cell: 828-447-0354, firstname.lastname@example.org