If you’re a current home owner who is wondering whether to enter the market, we’re here to tell you that now is a great time to list your home!
NBC News recently reported that home prices have increased 7.7 percent in the year through June.
Home buyers wanting to enter the market before prices climb even higher have only encouraged this upward momentum.
What Else Home Sellers Should Know About the National Market
NBC News revealed even more interesting data about the current state of the national housing market and its submarkets:
- The Federal Housing Finance Agency reported that June home prices were 17 percent higher than a year earlier in the Pacific area, including California and Washington.
- In the Mountain region (which includes Nevada and Arizona), home prices increased 11 percent.
- Meanwhile the Middle Atlantic region (which includes New York, New Jersey and Pennsylvania) saw home prices increase by 2.5 percent.
- The National Association of Realtors reported that the median price of previously owned homes increased 13.7 percent for the year through July. That figure was $213,500.
- Sales of previously owned homes increased by 6.5 percent in July to the fastest pace since November 2009.
- The inventory of homes for sale is around 5.1 months nationally right now.
Experts do caution that higher borrowing costs may end up pricing some buyers out of the market, consequently slowing the pace of home sales.
For instance, mortgage applications for both home purchases and refinancings decreased for a second straight week recently as rates increased, according to the Mortgage Bankers Association.
Still, experts note that home prices are still relatively affordable by historical standards in most local markets, encouraging continued activity.
They added that the continued increase in home sales and home prices will depend heavily on the health of the overall job market.
National Real Estate Experts
Check back soon for more updates on the current state of the national housing market and how it’s affecting local markets in your community.
Local Jacksonville NC and Crystal Coast Real Estate Market
The local Jacksonville real estate market is going through a dip right now – this is the result of several factors:
- the Marine Corp is reducing its overall size from approx 220,000 to under 180,000
- builders are still building new homes, which is hurting the sales of existing homes
- Camp Lejeune and New River Air Station have increased their own housing units
- interest rates are starting to rise, have increased about 1.0% since the first of 2013
Whether you’re a home buyer or home seller, we’re here to provide you with valuable information that will help you navigate the market.