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 Up
May home sales up 4.2%; median price up 15.4%
The national median existing-home price was $208,000 in May, up 15.4% from a year ago. Median prices can fluctuate depending on the types of homes that sell month to month.Tight supplies of homes for sale has helped drive price gains in many markets. As prices rise, more homeowners are likely to try to sell their homes.When adjusted for seasonal factors, the inventory has risen for four straight months and is up 7% since January, says Jed Kolko, chief economist for real estate website Trulia. Separately, Zillow says home values rose again in May, up 0.5% from April.By Zillow's measure, that puts home values up 5.4% year-over-year in May, the second-highest annual rate of appreciation for any month in the past 12.The pace of home value appreciation is expected to moderate as more sellers enter the market and builders begin construction on more new homes, Zillow says."The housing market will undoubtedly look very different a few years down the road from how it appears now," says Stan Humphries, Zillow economist.Inventory constraints are beginning to ease in many areas as more homes come on the market, he says. Rising interest rates may also curb demand as home purchases become more expensive to finance. Mortgage giant Freddie Mac said Thursday that 30-year-fixed rate mortgages averaged 3.93%, down from 3.98% last week.
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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