Houses on Fire!!!!!!!
The National Association of Realtors reports smoking Sales of existing Homes for June. Sales increased 2.7% from June 2004, totaling 7.33 million homes sold for the month. This leaves a 4.3 month of housing inventory on the market. The 3.8% increase in housing inventory is a bit of good news for home buyers. In addition to offering more selection, the increase in inventory will slow down price increases for the near term.
Median Home prices jumped 14.7% year over year to $219,000. This is the greatest increase in home prices in 25 years.
Your regional price appreciation in the month of June was:
North UP 3.4%
East UP 1.9%
South UP 1.1%
West UP 5.5%
Despite the runup in prices, with mortgage rates continuing to fall over the past few months, it seems nothing stands in the way for another record setting year for real estate owners.