The July Market Update has been released (with data through May 2016).
Home sales accelerated for the third consecutive month in May, reaching a pace not seen since 2007. Demand continued to outweigh supply, keeping ultra-low mortgage rates and a rising media sales price.
Interest rates slightly decreased, remaining at historically low levels.
Mortgage rates were:
- 30-year fixed: 3.54%
- 15-year fixed: 2.81%
- 5/1-Year ARM: 2.74%
- Historical Average: 8.90%
The National Association of REALTORS reported home sales at a seasonally adjusted annual rate of 5.5 million homes during May. This was a 1.8% increase from April and a 4.5% increase from May of 2015.
The media home priced hit a record of $239,000 in May, up 3.8 percent from April and 4.7 percent from May of 2015.
The supply of housing inventory was a 4.7-month supply. The total number of homes for sale decreased by 7.8 percent compared to May of 2015.
If you’re in the market to buy or sell a home, contact me. I have buyers looking for Geist waterfront homes and interest rates remain low. I look forward to hearing from you.
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