The National Real Estate Market: Should You Buy Or Sell This Year?

“How’s the market?” is one of the most popular questions that real estate professionals are asked. Nationally, home prices are still considered affordable, homes are on the market for less time, interest rates are still low, and more than two-thirds of Americans say that now is a good time to buy. Here’s an overview of national housing market trends. If you want to know more about our local market, contact me! I’ll be happy to give you the scoop about our local real estate market.

40% of Americans say that now is a good time to sell.

70% say it’s a good time to buy.

64.8% homeownership rate in Q1 2014.

front1 - CopyHome Prices Are Up

Median existing home price in June was $223,300, up from 4.3% in June 2013.

The average sale price of a new home that sold in June 2014 was $331,400.

48% feel that home prices will go up in the next 12 months.

3.5 million U.S. properties rose out of negative equity from 2013 to 2014 due to rising home prices.

Median existing condo price was $215,700 in June, up 3.2% from June 2013.

Home Sales Are Up As Well

In the past year, existing home and condo sales rose 11% to 5.29 million, close to the highest level in 4 years.

Sales of new single-family homes rose 8.3% in June, and reached a seasonally adjusted annual rate of 497,000 units, the fastest sales pace in five years.

Existing home sales increased 2.6% in June 2014, and have reached the highest sales pace since October 2013.

There Are More Homes For Sale

Total housing inventory grew to 5.5 month’s supply in June 2014 at the current sales pace.for sale

Median time on the market for all homes in June 2014 was 44 days.

Short sales were on the market for 120 days.

Foreclosures were on the market for 54 days.

Non-distressed homes were on the market for 42 days.

Senior Couple Enjoying Beach Holiday Running Down DuneWho’s Buying?

31% Gen Y

76% of Gen Y were first time buyers.

30% Gen X

30% Baby Boomers

9% Silent Generation

Who’s Selling?

Gen X comprised the largest share of home sellers at 29%, followed by older Boomers (22%) and younger Boomers (21%).

13% of sellers wanted to sell their home earlier, but waited because their home was worth less than their mortgage.

3 Reasons To Learn More About Your Local Real Estate Marketmortgagerates

1. If you’re thinking of buying a home, local market statistics can give you an idea of how much you’ll spend and how many homes are on the market.

2. If you’re thinking of selling your home, information about the local market can give you an idea of how much similar homes are selling for and how long they stay on the market.

3. If you want to know how much your home is worth, local real estate information will tell you how much your neighbor’s home just sold for.

 

Remember, it is always toasty in Naples and you deserve your piece of Naples sunshine!

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