Please enjoy this quick update on what happening in the housing market
On a National Level:
The Fed kept policy rates the same at this month's FOMC meeting. Economists speculate we won't see a Fed rate increase until at least December of 2016.
Consumer confidence remained steady in July, suggesting the economy will continue to expand at a moderate pace.
On a national level home prices rose 5.2% from May 2015 to May 2016, according Case-Shiller. Home price appreciation is expected to continue because of low rates and tight inventory.
New single-family home sales hit an 8-1/2 year high in June. This suggests sustained momentum in the economy and could contribute to a Fed rate increase later this year.
June's pending existing home sales were up only 0.2% over May's Current low inventory conditions are likely to blame for the slow increase, as demand remains strong.
On a local level:
Closed home sales within our Western Upstate Multiple Listing service were up 1.1 % from May to June. New listings were up 4.8%. Keller Williams closed sales were up 12.1% from May to June Keller Williams new listings were up 19.7%.
At the current inventory in our local market, it would take approximately 6.5 months to absorb all inventory. It is considered a buyer’s market if this number is greater than 6 months. As an agent, I will say it does not feel quite like a buyer’s market.
The average days on market from November 2015 to June 2016 was 98 days. We are seeing MUCH shorter days on the market with homes that are listed at the right price and in good condition. If you are considering selling, now is a good time.
Contact me today for more details or to buy or sell a home.