What's Today's Market Like?
Every month, we take a look back at how the market is affected by several different factors that take place daily throughout the world, not just within the real estate industry. For Team Andy Gibson, it's essential for us to stay up to date on the current market fluctuations so that we can help our clients make the best decisions for their real estate needs. So, this month, we're taking a look back on the past month to give you an insider's perspective on how the market is holding up today.
According to the National Association of REALTORS®, existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years. In many areas, potential buyers may be priced out or finding a limited amount of available homes for sale in their desired neighborhood.
Interest Rates
According to Freddie Mac, mortgage rates are better now than they have been since mid-April. 30-year fixed rates decreased from 4.52 percent to 4.51 percent. This rate remains well below the historical average of 8.90 percent. Rates could fall due to increasing concerns of a recession. In a perfect world, raising prices of foreign goods encourages domestic production, which helps the home economy. Investors do think that when the next Federal Open Market Committee meeting adjourns September 26, there’s a 96% chance that the group will raise its benchmark rate.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.34 million homes during the month of July. This was a decrease of 0.7 percent from June and a decrease of 1.5 percent from July of last year. The Existing-Home Sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes.
Home Prices
The median home price increased to $269,600 in July, which was down 1.5 percent from June and up 4.5 percent from July of last year. The median home price has increased by approximately $11,500 in the past year alone.
Inventory
There was a 4.3-month supply of housing inventory in July, which has been stable since June. The total number of available homes for sale has increased by 2.4 percent compared to July of last year. Particularly, at the Lake of the Ozarks, inventory is low, continuing the seller's market trend. Tight inventory continues to affect home prices, but this also means buyers will likely be more willing to sacrifice luxuries to get a hold on available property.
Your Source for Real Estate Market Information
For more information on the current housing market at the Lake of the Ozarks, contact Team Andy Gibson. We're happy to discuss the current market, complete a comparative market analysis on your home, and share with you our knowledge of what works to get your home sold or to find that perfect property within a market like this! With a combined 30+ years of experience in real estate at the Lake of the Ozarks, we've experienced the market at both the highs and lows and can confidently guide you through your real estate needs!
According to the National Association of REALTORS®, existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years. In many areas, potential buyers may be priced out or finding a limited amount of available homes for sale in their desired neighborhood.
Interest Rates
According to Freddie Mac, mortgage rates are better now than they have been since mid-April. 30-year fixed rates decreased from 4.52 percent to 4.51 percent. This rate remains well below the historical average of 8.90 percent. Rates could fall due to increasing concerns of a recession. In a perfect world, raising prices of foreign goods encourages domestic production, which helps the home economy. Investors do think that when the next Federal Open Market Committee meeting adjourns September 26, there’s a 96% chance that the group will raise its benchmark rate.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.34 million homes during the month of July. This was a decrease of 0.7 percent from June and a decrease of 1.5 percent from July of last year. The Existing-Home Sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes.
Home Prices
The median home price increased to $269,600 in July, which was down 1.5 percent from June and up 4.5 percent from July of last year. The median home price has increased by approximately $11,500 in the past year alone.Inventory
There was a 4.3-month supply of housing inventory in July, which has been stable since June. The total number of available homes for sale has increased by 2.4 percent compared to July of last year. Particularly, at the Lake of the Ozarks, inventory is low, continuing the seller's market trend. Tight inventory continues to affect home prices, but this also means buyers will likely be more willing to sacrifice luxuries to get a hold on available property.
Your Source for Real Estate Market Information
For more information on the current housing market at the Lake of the Ozarks, contact Team Andy Gibson. We're happy to discuss the current market, complete a comparative market analysis on your home, and share with you our knowledge of what works to get your home sold or to find that perfect property within a market like this! With a combined 30+ years of experience in real estate at the Lake of the Ozarks, we've experienced the market at both the highs and lows and can confidently guide you through your real estate needs!
Keller Williams Lake of the Ozarks Realty
858 Hwy 42
Osage Beach, MO 65065
573-286-5907 Cell
573-348-9898 Office
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