June 2017 Statistics are Looking Good!

Market Reports

Missouri REALTORS® publishes a monthly market statistic report which includes:
  • Number of homes sold and purchase price
  • Days on market
  • Median purchase price
  • Average purchase price
  • Statewide sales volume

Latest Market Report

 

 

 

 

 

 

 

 

 

 

 

 

Click here to download the full report.

Posted by Missouri REALTORS®

Inadequate Inventory Driving Prices Up

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The latest Existing Home Sales Report from the National Association of Realtors (NAR)revealed a direct correlation between a lack of inventory and rising prices.

We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up.

Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market.

The median price of homes sold in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57th consecutive month with year-over-year gains.

NAR’s Chief Economist, Lawrence Yun had this to say:

“Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country.”

But there is good news about rising prices. More and more homeowners are recovering from a negative equity situation and learning that they are able to sell their homes and either move up to their dream home or downsize to a property that will better suit their needs. Look for these homes to come to market soon.

Bottom Line

Buyer demand continues to outpace the supply of homes for sale. Listing your home in the winter attracts serious buyers who are looking to close the transaction quickly.

 

Posted by The KCM Crew

Existing Home Sales Surge Through The Holidays [INFOGRAPHIC]

Some Highlights:

  • November’s Existing Home Sales report revealed that sales are now at an annual pace of 5.61 million which is “now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).”
  • Total housing inventory (or the inventory of homes for sale) fell 8.0% from last month and is now 9.3% lower than November 2015.
  • Inventory has dropped year-over-year for the last 18 months.
  • The median price for all home sales in November was $234,900, up 6.8% from last year and marks the 57th consecutive month of year-over-year gains.

 

Posted by The KCM Crew

Home Sales Expected to Increase Nicely in 2017

The National Association of Realtors, The Mortgage Bankers’ Association, Freddie Macand Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next.

As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market.

Posted by The KCM Crew

Home Sales Accelerate During The “Dog Days of Summer” [INFOGRAPHIC]

Some Highlights:

  • Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million.
  • Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year.
  • Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900.

Posted by The KCM Crew

Sales Up in almost Every Price Range

The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.

Only those homes priced under $100,000 showed a decline (-6%). Every other category showed a minimum increase of at least 9.7%.

Here is the breakdown:

What does that mean to you if you are selling?

Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.

This article was originally posted on Keeping Current Matters