Market Review: August 2015 Update

According to the National Association of Realtors, the pace of home sales stayed on its pace of acceleration in June. In fact, June was the fastest pace of existing home sales since 2007. The increasing interest rates is noted as a source of stimulating buyers to move into the housing market. At the same time as the pace of home sales, the prices also continued to rise. Higher rates will ultimately slow the market demand as the interest rates will reduce the affordability.

housing-marketFreddie Mac reports interest rates as follows:

-30-year fixed: 4.9%
-15-year fixed: 3.25%
-5/1 ARM: 2.96%
-Historical Average: 8.90%

The percent of homes sold in June was up 3.2% from May and 9.6% from June of 2014. The seasonally adjusted annual rate of 5.49 million homes were sold in June; the strongest month seen since the housing market crash.

Along with the pace of sales, the home prices also increased. The June median price was $236,400, which is a 6.5% year-over-year increase and a monthly increase of 3.3%.

For more details, click here.

If you’re in the market to buy or sell a home, contact me. Let’s take advantage of the best housing market in years!

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