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Market Trends Newsletter

Existing Home Sales Report

Based on data from the National Association of Realtors® (NAR), an upsurge in the Northeast and a more modest gain in the South nudged existing-home sales up in November for a third month in a row.

Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) grew 0.7% to a seasonally adjusted annual rate of 5.61 million in November against October's downwardly revised 5.57 million. November's sales velocity is now the briskest since February 2007 (5.79 million) and sits 15.4% above one year ago (4.86 million).


Existing Home Sales By
Region

NAR's chief economist, Lawrence Yun, indicated that it's been an impressive three-month period for the housing market as 2016 ends. "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," Yun said. He added, "Furthermore, it's no coincidence that home shoppers in the Northeast — where price growth has been tame all year — had the most success last month."

Housing Data Takeaways

  • November's median price for existing homes (all housing types) was $234,900, up 6.8% from November 2015 ($220,000). This price increase marks the 57th straight month of year-over-year growth.
  • Total U.S. housing inventory by November's conclusion fell 8.0% to 1.85 million existing homes available for sale, and is now perched 9.3% lower than a year ago (2.04 million). Inventory has fallen year-over-year for 18 straight months. Nationally, unsold inventory offers a 4.0-month supply at the current sales pace, a drop from 4.3 months' inventory in October.
  • For mortgage rates, Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage crept up to 3.77% in November from 3.47% in October (highest rate since January at 3.87%). The average commitment rate across 2015 was 3.85 percent.
     
  • First-time buyers drove 32 percent of sales nationally in November, lower than 33% in October but up from 30% last year. NAR's 2016 Profile of Home Buyers and Sellers — released in November 5 — revealed that the annual share of first-time buyers was 35 percent (32 percent in 2015), which is the highest since 2013 (38 percent).

Is a Bi-Weekly Payment Plan Right For You?

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule.

Many people are surprised to learn that they can do this themselves without any special programs, simply by submitting an extra principal payment as they are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Want more information on other mortgage options?

Contact us today for our list of preferred local mortgage experts who can help you position yourself for a great year in 2017!

Happy New Year!

I would like to wish my past, present, and future clients a happy and successful new year in 2017.  I truly appreciate and value your trust in me and for letting me help you with your real estate needs.

Last year was a great year for home buyers in Green Valley.  According to Trulia, market trends indicate median home prices were stable in 2016. That means 2017 should continue be a great year for buying or selling your home in the Green Valley!

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Contact Information

Photo of Michelle Metcalf CRS, SRES®, REALTOR®, Associate B Real Estate
Michelle Metcalf CRS, SRES®, REALTOR®, Associate B
RE/MAX Valley Properties
210 W. Continental Rd. #220
Green Valley AZ 85622
Mobile: (520)400-5735
Fax: (520)648-2221