The coronavirus pandemic has remade what’s normal, and home buying is no exception. Typically, the real estate market tends to hit the brakes in the fall, as kids return to school and families
Home Sales Continue To Show Gains In Missouri
Second Quarter 2012 Performance:
- While home sales for Q2 were up 10.6% compared to the same quarter in 2011, they were up 45.5% for the Second Quarter when compared to the First Quarter of this year.
- There was only a negligible difference in the number of days it took to sell a home during the Second Quarter year over year, but homes sold nine days faster in Q2 versus Q1 this year.
- The average price of a home during the Second Quarter was 6.7% higher than Q2 last year. When compared to the First Quarter of 2012, average price rose 13.8% from $133,590 to $152,008.
- Median home price outpaced the average price, climbing 8.7% year over year and jumping a fantastic 18.5% over the First Quarter of 2012.
According to the National Association of Home Builders Wells Fargo Index, homebuilder sentiment surged in July, notching its biggest jump in nearly a decade – a fresh sign that the housing market has turned a corner. The index climbed to 35 in June, up 6 points, making for the biggest gain since September 2002 and reaching the highest level since March 2007. The index has more than doubled since July of last year. The ideal mark of 50 indicates that more builders view market conditions as favorable rather than poor. The index has not been above 50 since April 2006.
Listings in Missouri have been steadily climbing since the beginning of the year. The number of homes on the market statewide for the month of June was 37,963. It is interesting to note that approximately 16% of those listings had been sold but had not closed by month’s end. While certain parts of the country are currently reporting a tight supply of homes on the market, the supply in Missouri appears to be consistent with previous years.
And finally, according to Freddie Mac, the national average for a 30-year conventional fixed-rate mortgage set a new record low in June at just 3.68%. The National Association of REALTORS projects there will be little movement in mortgage interest rates for the remainder of the year. All told, the outlook for the real estate market in Missouri continues to look favorable for both buyers and sellers.The complete Missouri Association of REALTORS® Home Sales Report is available to REALTOR® Members in the Market Statistics tab of the Member Resources section at MissouriRealtor.org. Consumers can view video highlights of the Report on the home page at MissouriRealtor.org.
Michelle is a native of Southwest Missouri and has twenty-five years of experience in selling real estate in the greater Springfield area! Michelle specializes in all price points, including new const....
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