The Nationwide Real Estate market continues to grow at its fastest pace in close to four years thanks and recent data from the National Association of Realtors (NAR) shows that it grew by 6.5% in the month of July alone.
Beating Economic Forecasts
Nationwide home sales are beating the expectations and forecasts of Realtors and Economists across the country who predicted that home sales would have started to slow down by now but the Real Estate market continues growing and actually has grown by close to 20% compared to the same time last year.
Best Sales Rate Since 2007
There’s reason to be excited about July’s sales rate because, it was the best that we’ve seen since early 2007 and the sales volume that we saw in July was without the help of Federal Tax Credits.
As of today the median home price across the United States is $213,500, a 14% increase from July 2012 and the best year-over-year gain since early 2005.
What to Expect In the Coming Months
National Association of Realtors economist Lawrence Yun and other economists from across the country predict that home values will continue rising at least through 2013 since home inventories are expected to continue stay tight thanks to buyer demand, and that demand will continue regardless of the fact that mortgage interest rates have been rising steadily.
Making Every Dollar Count
These days almost every homeowner is living on a budget and having an extra $100 per month can definitely help. Homebuyers who have been waiting on the sidelines to buy could have saved themselves about $100 per month on their monthly mortgages had they put down 20% on a median priced Bend Oregon home before the Federal Reserve started raising mortgage interest rates back in May.
To learn more about the latest Real Estate Market news, or to view the latest Bend Oregon Homes for Sale, contact me today by calling me at (541) 383-1426.