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Market Trends Newsletter: August 2017

Local Market Housing Report

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)

 

National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.

 

Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.


Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."

 

Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.

  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.

  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.

  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

Prescott Housing Market Statistics

Median Home Price: $541,200

3 Bedrooms/3 Bathrooms

Average Square Footage: 2,630

Price per Square Foot:  $202

Number of Homes on the Market: 580



 

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.


 

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.


 

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!


 

Back 2 School in the Quad Cities!

Backpacks are packed, yellow buses are loaded, and school bells are ringing. The first day of school has arrived throughout the Quad Cities. It's time to head back to school! Students in Prescott, Prescott Valley, Dewey-Humboldt, and Chino Valley are ready to start the new school year. Here is a list of some of the important upcoming dates for our area’s school districts.   

Prescott Unified School District | 146 South Granite Street, Prescott

First Day of School: Thursday, August 3rd

2017 - 2018 District Calendar

 

Humboldt Unified School District | 6411 North Robert Road, Prescott Valley

(Serving Prescott Valley and Dewey-Humboldt communities)

First Day of School: Monday, August 7th

2017 - 2018 District Calendar

 

Chino Valley Unified School District | 650 East Center Street, Chino Valley

First Day of School: Tuesday, August 8th  

2017 - 2018 District Calendar

For more information on upcoming dates and events, check out the webpages for each of the school districts!

 

Joe Karcie hopes all of the students in the Quad Cities have a fun and successful 2017-2018 school year!!!

Contact Information

Photo of Joe Karcie Real Estate
Joe Karcie
RE/MAX Mountain Properties
731 West Gurley St.
Prescott AZ 86305
928-776-7701
Fax: 928-441-9331