August Housing Report: What It Means for You

August Housing Report: What It Means for You

The numbers are in, and they show a stabilizing market. The September RE/MAX National Housing Report found that August home sales remained below the pace set in 2013, but were 10. 2 percent above August 2012 sales.

The median home sales price was $202,500 for all homes sold in the 52 metropolitan areas surveyed in August – an increase of 7.5 percent over August 2013. That increase, though, is moving at a slower rate – and that means many cities are returning to a more measured, stable market.

What it means for buyers
Prices remain affordable in many areas despite some increases. Inventory has remained steady, but homes are still selling fairly quickly with an average of 62 days on the market in August. If you’re interested in buying a home, it’s probably a good idea to be prepared to move quickly on an offer when you find the home you love. This can include getting a pre-approval for a mortgage and dialing down to your must-haves so that you know the right home when you see it. Even better news: The 30-year fixed mortgage rates are hovering near historical lows, at around 4.2 percent.

What it means for sellers
Although home sales have slowed a bit this year, your local RE/MAX Alliance agent will probably tell you that homes still sell quickly and for top dollar. Prices continue to go up, meaning your current property may have appreciated. For sellers, it’s good news that homes are not lingering on the market long and buyers are still motivated by affordable prices and low mortgage rates.

Ready to buy or sell? A local RE/MAX Alliance agent can help guide you in the right direction.

Source

Hampton Roads Listings

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