Mark Schulenburg

Branch Manager • Inlanta Mortgage

  • Home
  • About
    • About Mark
    • Privacy Policy
    • Licenses
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Calculator
    • Mortgage FAQ
    • Mortgage Glossary
  • Testimonials
  • Apply Now
  • Contact

Existing Home Sales: Second Highest Level Since 2009

July 24, 2013 by Mark Schulenburg Leave a Comment

Existing Home Sales Second Highest Level Since 2009

According to the National Association of REALTORS®, national sales of existing homes in June came in at 5.08 million.

June’s reading was reported to be the second highest since November of 2009; this should calm concerns about a lapsing recovery in housing markets.

Summer typically produces the highest prices for existing homes sold, as families seeking larger homes frequently move during summer months.

The June inventory of existing homes improved by 1.90 percent to 2.19 million homes or a 5.20 month supply. June’s number of available homes was 7.60 percent lower than in June 2012.

The shortage of available homes has been causing buyers to turn from existing homes to new homes in areas where both available homes and/or land for new construction are in short supply.

Average Home Prices Continue Their Climb Nationally

So the news of more existing homes for sale is good news for home buyers and housing markets that have been held back by an excess of buyers seeking a short supply of available homes.

NAR chief economist Lawrence Yun noted that inventories of existing homes are expected to “broadly favor sellers and contribute to above-normal price growth.”

This trend was supported by June’s national average price for existing homes at $214,200, which represented a year-over-year increase of 13.5 percent. Rising home prices and mortgage rates continue creating financial challenges for first-time buyers and others seeking affordable home prices and mortgage loans.

Distressed home sales were down from 18 percent in May to 15 percent in June; this is the lowest market share since tracking began in 2008. June sales of distressed homes were significantly lower than in June 2012’s reading of 26 percent of existing homes sold.

The National Association of REALTORS® noted that falling levels of distressed sales are contributing to higher prices for existing homes.

FHFA Reports Home Prices Rise In May

The Federal Housing Finance Agency (FHFA) reported Tuesday that prices for homes financed by Fannie Mae and Freddie Mac rose by 0.70 percent in May as compared to April’s downwardly revised 0.50 percent increase in home prices.

According to the FHFA Housing Price Index (HMI), home prices were up by 7.30 percent year-over-year in May, and are roughly equal to home prices reported for January 2005. May’s home prices remained 11.20 percent below peak prices reported in April 2007.

May’s FHFA data demonstrated steady growth of home prices for all nine census divisions on a year-over-year basis with home prices increasing from 2.70 percent to 15.80 percent in May.

Filed Under: FHFA Tagged With: FHFA,Home Prices,Housing Market

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Mark Schulenburg

Contact Mark


Branch Manager
Call (630) 417-7174
marks@inlanta.com
NMLS # 559943
CLICK HERE
TO APPLY NOW →

NMLS #1016

Browse Articles by Category

Get A Free Rate Quote!

Recent Articles

  • Case-Shiller: Home Price Growth Slows in April
  • The Quick and Easy Guide to Understanding the Math Behind Your Mortgage Closing Costs
  • You Are A Serious Buyer: How To Show It
  • The Top Things To Know When Refinancing Your Home
An Illinois Residential Mortgage Licensee #MB.0006190 Inlanta Mortgage is regulated by the State of Illinois Department of Financial and Professional Regulation,
James R. Thompson Center
IDFPR-Residential Mortgage Banking
100 W. Randolph, 9th Floor
Chicago, Illinois, 60601
All Inquiries: 1-888-473-4858
TYY: 1-866-325-4949
Equal Housing Lender

Our Location


2805 Butterfield Road
Oak Brook, IL 60523

Copyright © 2022 · Powered by MySMARTblog