Home prices are on the rise! If you’re a current homeowner who is wondering whether to enter the market, we’re here to tell you that now is a great time to do so! With prices on the rise, go ahead and list your home for sale at Lake Norman.
According to NBC News*, national home prices have increased 7.7 percent in the year through June. Locally in the Carolina MLS area, the Charlotte Regional Realtors Association reports the median home sales price is up a whopping 12% from 2012.
Home buyers wanting to enter the market before prices climb even higher have only encouraged this upward momentum. Right now, there’s a shortage of homes for sale in Mooresville.
What Else Do Home Sellers Need to Know About National and Local Markets?
NBC News revealed even more interesting data about the current state of the national housing market and its submarkets:
- The Federal Housing Finance Agency reported that June home prices were 17 percent higher than a year earlier in the Pacific area, including California and Washington.
- In the Mountain region (which includes Nevada and Arizona), home prices increased 11 percent.
- Meanwhile the Middle Atlantic region (which includes New York, New Jersey and Pennsylvania) saw home prices increase by 2.5 percent.
- The National Association of Realtors reported that the median price of previously owned homes increased 13.7 percent for the year through July. That figure was $213,500.
- Sales of previously owned homes increased by 6.5 percent in July to the fastest pace since November 2009.
- The inventory of homes for sale is around 5.1 months nationally right now.
In the Lake Norman region, the inventory of homes for sale is at 5.4 months. The average days on the market is down significantly, from an average of 104 days on the market to just 96 days on the market! If you’ve been thinking about selling your home, acting sooner rather than later sure makes sense.
Experts do caution that higher borrowing costs may end up pricing some buyers out of the market, consequently slowing the pace of home sales.
For instance, mortgage applications for both home purchases and refinancings decreased for a second straight week recently as rates increased, according to the Mortgage Bankers Association.
Still, experts note that home prices are still relatively affordable by historical standards in most local markets, encouraging continued activity.
They added that the continued increase in home sales and home prices will depend heavily on the health of the overall job market.
*Want to read the NBC News report? Here’s that web address: http://www.nbcnews.com/business/home-prices-across-us-defy-gravity-6C10985637
National Real Estate Experts
Check back soon for more updates on the current state of the national housing market and how it’s affecting local markets in Mooresville and the Lake Norman area.
Whether you’re a home buyer or home seller, we’re here to provide you with valuable information that will help you navigate the market. Contact us today!