08/28/2020
https://www.cnbc.com/2020/08/21/july-home-sales-spike-a-record-24point7percent-as-prices-set-a-new-high.html
Great quick read for anyone wondering what the Real Estate world has been like this summer. Here are some highlights:
- The supply of homes available for sale is down 21% from July 2019. Currently, it's the lowest single-family inventory available in HISTORY since the NAR started tracking single-family inventory in 1982.
- Sale prices are up 8.9% from July 2019, and the current median home sale is $304,100 - this is also a RECORD high, higher than the infamous Real Estate bubble in 2006
What does this mean for you, as a seller or buyer?
If you are thinking of selling your home, it's hard to say there will be a better time to do it than right now! Contact me to set up a viewing of your home and an analysis of your local market - completely free of charge.
As a buyer, the also historically low mortgage rates mean you have more buying power than ever- but it also means your offer needs to stand out. In a multiple offer situation, it's not always the highest dollar amount that wins. Contact me and I will work with you to put together a strategy so you can shop with confidence in this extremely competitive market!
Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors. The median price of a home sold in July rose 8.5% annually to $304,100.