Home Sales Hit Record High!

The National Association of Realtors reported today that existing-home sales have reached their highest point in six and a half years! This surely do in large part to rising interest rates convincing on-the-fence buyers that now is the time to make their move.

Inventory at the end of August had increased 0.4  percent to 2.25 million homes, at the current rate of sales, this represents a 4.9 month supply. That's slightly down from five months in July and six months a year before that. Home are flying off the shelves and volume is predicted to stay high as interest rates threaten to jump. Down get left out in the cold, if you're on the fence about purchasing your new home, now is the time!

Rates Creeping Back Down

After hitting a two year high last week, mortgage rates have dropped, according to Freddie Macs weekly mortgage report.

Rates have been jumping around recently after beginning their rise in May as speculation mounts that the Fed may soon end its bond-purchasing program, part of what kept rates at or near record lows for the majority of the year.

"The Fed is monitoring the housing market closely after the run-up in mortgage rates over the past few months,” says Frank Nothaft, Freddie Mac’s chief economist. “The 13.4 percent drop in new-home sales in July led financial markets to speculate whether the Fed might delay reducing its bond purchases and allowed long-term bond yields and fixed mortgage rates to decline over the week."

Here are Freddie Mac's national averages for the week ending August 29th:



30-year fixed-rate mortgages: averaged 4.51 percent, with an average 0.7 point, dropping from last week’s 4.58 percent average. Last year at this time, 30-year rates averaged 3.59 percent.

15-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.7 point, dropping from last week’s 3.60 percent average. Last year at this time, 15-year rates averaged 2.86 percent.

5-year hybrid adjustable-rate mortgages: averaged 3.24 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.

1-year ARMs: averaged 2.64 percent, with an average 0.4 point, dropping from last week’s 2.67 percent average. A year ago, 1-year ARMs averaged 2.63 percent.

Across the board, the North Texas Real Estate scene is still on fire!!!! Check it out for yourself below!

Numbers are out, market still on fire!!!!

Weekdays at 3 P.M. Central Standard Time, ESPN airs what, in my opinion, is the most interesting show in their line up. "Numbers Never Lie" breaks down and analyzes a variety of sports stories and scenarios in a purely empirical format in order to predict or explain outcomes. This idea is not only familiar to top notch real estate agents, but the approach is a pertinent piece of a more comprehensive effort to maintaining one's market expertise. And so it is that last month's transaction numbers have come out and for the same reason ESPN's Michael Smith predicts the Spurs to win the NBA Finals, Agent Brian Force predicts this market to continue to outperform itself each month...because numbers never lie

Inventory on the Rise!

Housing inventory rose significantly in April, easing a supply shortage that some experts say has constrained home sales.

Meanwhile, existing-home sales edged upwards in April. Still, sales remain hampered due to limited supply and tight credit, according to NAR.

Housing inventory rose 11.9 percent to 2.16 million homes in April, representing a 5.2-month supply of homes at the current rate of home sales. That’s up from 4.7 months in March. But inventory still remained 13.6 percent below a year ago, when there was a 6.6-month stock.

Existing-home sales ticked up 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April from an upwardly revised 4.94 million in March, according to NAR. That put sales at their highest level since November 2009, when a tax credit stimulated purchases, NAR said.

“The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the 5-million-unit pace,” said NAR Chief Economist Lawrence Yun. “Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher.  It’s become quite clear that the only way to tame price growth to a manageable, healthy pace is higher levels of new-home construction.” Source: realtor.org.

- See more at: http://www.inman.com/wire/home-inventory-rises-sharply-in-april/#sthash.50uhjKPe.dpuf

March closed sales still up up up!

More good news for sellers!

Home prices in Dallas were up another 7 percent year-over-year this spring, posting a median home price of $169,900, though housing inventory continued to dwindle.

The number of homes listed for sale on the market dropped 33% according to a report released Tuesday from ZipRealty, which measured MLS housing data from Feb. 15-March 15.

The rising home prices, coupled with the dwindling number of listings, has created a frenzy that's being seen not just in Dallas, but throughout the country, said Lanny Baker, president and CEO of ZipRealty.

Across the country the median sales price rose to $242,519, a 14.6 percent increase year-over-year, according to the report. The national inventory of home listings decreased 34 percent.


Long story made short, home prices will continue to climb this year as inventory remains at historically low levels.