Market Insights: July 2015

HOME SALES

Home sales continue to increase year-over-year

5.4 million

Annual number of home sales in the United States

Up 9.2%
since one year ago

Up 5.1%
since last month

HOME PRICE

Home prices have continued to increase year-over-year.

$228,700

Average home price in the United States

Up 7.9%
since one year ago

Up 4.6%
since last month

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Mortgage Type Rate
30-Year Fixed 4.0%
15-Year Fixed 3.23%
5/1-year ARM 3.0%
Historical average 8.90%

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HOME PRICE

The pace of growth for home prices slowed slightly from April to May; however, inventory remains at such a level as to allow for price growth above the 4%?6% range typically considered healthy. In May, the median home price reached $228,700 according to NAR. This was an increase of 4.6% from April and was up 7.9% from May 2014.

HOME SALES

Homes sold at a seasonally adjusted annual rate of 5.35 million homes in May based on the report released by the National Association of Realtors. This was up 5% from April’s figures and up 9% from the same month of the previous year. May was a very strong month for existing home sales and recent reports on pending contracts indicate that June will likely be a strong month for sales as well.

INVENTORY – MONTH’S SUPPLY

While there were 1.8% more homes for sale in May than there were in the same month of the previous year, demand continues to grow at a faster rate. This led to the months of supply of inventory, which measures the relationship between supply and demand, to drop slightly to 5.1 months in May. This number remains tight as low interest rates spur more buyers to enter the market and new home construction has not yet reached a pace which would provide significant relief to many of the nation’s hotter markets.