Real Estate Market

Real Estate Update

Housing Report

Note: Data below is from July, the most recent data compiled by the National Association of Realtors®.

While July's listings went under contract in less than 30 days for the fourth consecutive month due to high buyer demand, overall sales of existing homes declined as sales dips in the Northeast and Midwest outweighed sales gains in the South and West, based on data from the National Association of Realtors® (NAR).

Total sales of existing homes -- measuring transactions for single-family homes, townhomes, condominiums and co-ops -- dipped 1.3% to a seasonally adjusted annual rate of 5.44 million in July from 5.51 million in June. July’s sales pace remains 2.1% higher than a year ago, but is the lowest this year.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, said the latter half of the year started off on a bit of a sour note as July's existing sales inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” Yun said, adding that “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

Housing Data Takeaways

  • Nationally, July's median existing-home price for all housing types was $258,300, up 6.2% from July 2016 ($243,200). This represents the 65th consecutive month of year-over-year gains.
     
  • Total housing inventory by the end of July fell 1.0% to 1.92 million existing homes available for sale, is now 9.0% lower than a year ago (2.11 million) and has fallen year-over-year for 26 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace, down from 4.8 months one year ago.
     
  • First-time buyers nationally drove 33% of sales in July, up from 32% both in June and a year ago. The share of first-time buyers for all of 2016 was 35%.
     
  • Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July, up from 3.90 percent in June. The average rate for all of 2016 was 3.65%.

What's Your Credit Score?

Credit Score image from Credit.comYour credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers.

We have a list of preferred local lenders who can help you find the best financing programs for your specific needs. Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

Home Maintenance Tips For September

As summer comes to a close, it's time to make sure your home is ready for fall and winter.  By performing just a few chores, you can make sure you're ready for the colder months and have less problems during the winter season. Here's a few tasks that are fairly painless and will help you avoid major repair costs when you least expect them.

Make Sure Windows are Sealed

If you have double or triple pane windows, there is an inert gas between the panes that insulates the window.  If you notice the window is foggy, that means the seal has failed. Try ashing in on the warranty if you can. If you can't, call a pro that can reseal them.

Sweep the Chimney

It's important that your chimney is clean before you use it during the winter. If soot builds up it can increase the risk of fire or carbon monoxide poisoning. You need to call a pro to handle this one.

Change Air Filters and Tune Up Furnace

This should really be done monthly, but certainly every year. You can replace the filters yourself easily. You can also call in a professional to do a tune up on your furnace.

Want some more tips for maintaining your home? Check out the full list of September maintenance tips here.

 

Contact Information

Photo of The Ellerbrake Group Real Estate
The Ellerbrake Group
RE/MAX Preferred
1668 Windham Way
O'Fallon IL 62269
Office: (618) 632-0001
Direct: (618) 791-8773
Fax: (984) 222-6820