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Housing Market Update – July 2017

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Rebecca Squyres

August 3, 2017

Housing Market Data for July 2017 *

The Economic Indicators for Housing continued a trend that has persisted all year – the low inventory of homes is limiting sales and escalating prices.

The inventory of existing homes for sale continued to decline in June and is now 7.1% lower than 12 months ago. Homeowners just aren’t putting their homes up for sale.

But there’s good news – Single Family Starts surged in June as builders started construction on New Homes to meet demand. An interesting statistic hidden in all the data was that the average price of New Homes sold actually decreased because many buyers chose to purchase lower priced new houses.

If you’ve thought about moving – now’s the time. Housing prices are now at the highest they’ve ever been.

Economic Indicators* for the Housing Market released in July 2017:
  1. Existing Home Sales (closed deals in June) fell 1.8% to an annual rate of 5,520,000 homes.
  2. The median price for all types of homes is now $263,800 – up 6.5% from a year ago.
  3. The median Single Family Home price is $266,200 and $245,900 for a condo.
  4. Homes were on the market an average of only 28 days. There are 1,960,000 homes for sale (7.1% lower than a year ago).
  • New Home Sales (signed contracts in June) rose 0.8% to a seasonally adjusted annual rate of 610,000 units. The median price of a new home is $310,000, and the average sales price is $379,500. There are now 272,000 new homes for sale – the highest since 2009.
  • Pending Home Sales Index (signed contracts in June) rose 1.5% to 110.2 from 108.6 in May. The index is now up 0.7% in the last 12 months.
  • FHFA Home Price Index rose 0.4% – home prices are now 6.9% higher than a year ago.
  • S&P/Case-Shiller Home Price Index rose 5.7% for the 20 City Composite index YoY.

 

* Content gathered from Mortgage Elements http://www.mortgageelements.com/

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