Kansas City Real Estate and Mortgage INFO THAT HITS US WHERE WE LIVE

Kansas City Real Estate and Mortgage INFO THAT HITS US WHERE WE LIVE...


Last week's "difficulty" for the housing market came from the news that New Home Sales dropped 0.7% for July, to a 298,000 annual rate. They've been in this low range since May of last year, competing with existing homes selling at discounts. But there is opportunity. The inventory of new homes dropped to its lowest level on record. Equally encouraging, the new home median price is up 4.7% over a year ago and the average price is up 8.0%.

Some analysts feel home sales this fall will be better than last, as supply remains manageable and existing homes for sale are 20% below peak levels. We already seethe FHFA index, measuring prices for homes financed by conforming mortgages, UP 0.9% for June, its third monthly rise in a row and the biggest monthly gain since 2005. But the index is still 4.3% under where it was a year ago. INFO THAT HITS US WHERE WE LIVE...Last week's "difficulty" for the housing market came from the news that New Home Sales dropped 0.7% for July, to a 298,000 annual rate. They've been in this low range since May of last year, competing with existing homes selling at discounts. But there is opportunity. The inventory of new homes dropped to its lowest level on record. Equally encouraging, the new home median price is up 4.7% over a year ago and the average price is up 8.0%.

Some analysts feel home sales this fall will be better than last, as supply remains manageable and existing homes for sale are 20% below peak levels. We already seethe FHFA index, measuring prices for homes financed by conforming mortgages, UP 0.9% for June, its third monthly rise in a row and the biggest monthly gain since 2005. But the index is still 4.3% under where it was a year ago. 

Information provided by:

Mike Medsker Sr Mortgage Loan Officer NMLS #2644281116-B Remington Plaza Raymore, MO 64083 Mobile: (816) 309-6950

RE/MAX sells more homes than any other real estate company.
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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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