Last Thursday Existing Home Sales for June were reported UP 3.6%, to a 4.89 million annual rate, increasing for the third straight month! Sales are now up 8.9% from the low set in January. Inventories were down 0.7%, to 9.4 months, their lowest reading in more than a year. Even better, the inventory of homes priced under $250,000 is now at a 6 months supply, as reported by CNBC. 29% of all sales were to first-time buyers taking advantage of the up to $8,000 tax credit, set to expire on December 1 this year. Another encouraging sign: distressed sales fell to 31% of the total, indicating that this part of the inventory is getting cleared out as well.
The median price of an existing home also increased in June, to $181,800 – going in the right direction, but still down 15.4% from a year ago. The FHFA home price index increased 0.9% for May, showing slightly higher prices than six months ago. This index tracks prices of homes bought with conforming mortgages. Some observers say average home prices may now be very close to fair value and could edge upward by year end in many areas of the country.
~ Courtesy of Chuck Chrobak, Golf Savings Bank, 425.330.9657, CChrobak@GolfSavingsBank.com
- Jeanette Eide
- Bellevue, Washington
- I’m a full-time professional Realtor specializing in residential resale and new construction in Seattle, Bellevue, Redmond, Kirkland, Issaquah, Newcastle, Sammamish, Bothell, Mill Creek, Snohomish, Everett, Woodinville, Kent, and Renton. Together with my husband Erik, we have over 17 years experience. We take the time to listen – getting to know you and establishing your exact needs. From there, our sole focus is getting you where you want to be, on time, in the smoothest manner possible. Together with our team of professionals, the closing of your transaction will be handled knowledgeably with the attention to detail you expect and deserve.
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