Residential Market Insights: July 2016

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HOME PRICES

The median home price was $239,700 in July, which was up 3.8 percent from June and up 4.7 percent from last year. The median home price has increased by approximately $11,000 in the past year alone.

HOME SALES

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.5 million homes during the month of May. This was an increase of 1.8 percent from April, and an increase of 4.5 percent from May of last year.

INVENTORY – MONTH’S SUPPLY

There was a 4.7-month supply of housing inventory in May, which remained flat from April. The total number of homes for sale decreased by 7.8 percent compared to May of last year to 2.15 million homes nationwide, which was 130,000 fewer listings than May of last year.

CURRENT MORTGAGE RATES

The following is a summary of the current mortgage rates:

Mortgage Type Rate
30-Year Fixed 3.54%
15-Year Fixed 2.81%
5/1-year ARM 2.74%
Historical average 8.90%

Source: This Month in Real Estate

Thinking of buying or selling real estate?

KW1784102f20KWYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

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