🏡 National Association of REALTORS®; NAR: June Existing-Home Sales Rose 1.4% 📈 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Dated: July 27 2021

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Year-to-year home prices rose 23.4%, the second-highest on record.  However, a 3.3% inventory uptick may start to slow price increases and give homebuyers more hope.

Florida Realtor Magazine 2021 07 25 NAR existing home prices increased in June 2021 after the China COVID-19 coronavirus plandemic Hoey Team 239RealEstateDeals.Com LLC

WASHINGTON – National existing-home sales increased in June, ending four consecutive months of declines, according to the National Association of Realtors® (NAR). Three of the four major U.S. regions registered small month-over-month gains, while the fourth remained flat. However, all four areas notched double-digit year-over-year gains.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – grew 1.4% from May to a seasonally adjusted annual rate of 5.86 million in June. Sales climbed year-over-year, up 22.9% from a year ago (4.77 million in June 2020).

“Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” says Lawrence Yun, NAR’s chief economist. “Home sales continue to run at a pace above the rate seen before the pandemic.”

Total housing inventory at the end of June amounted to 1.25 million units, up 3.3% from May’s inventory and down 18.8% from one year ago (1.54 million). Unsold inventory now sits at a 2.6-month supply at the current sales pace, modestly up from May’s 2.5-month supply but down from 3.9 months in June 2020.

The median existing-home price for all housing types in June was $363,300, up 23.4% from June 2020 ($294,400), and every region in NAR’s study recorded price jumps. It’s now 112 straight months of year-over-year gains.

“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Yun says. “Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available.”

Properties typically remained on the market for 17 days in June, unchanged from May and down from 24 days in June 2020. Nine out of 10 (89%) homes sold in June 2021 were on the market for less than a month.

First-time buyers accounted for 31% of sales in June, also even with May but down from 35% in June 2020.

Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in June, down from 17% in May and up from 9% in June 2020. All-cash sales accounted for 23% of transactions in June, even with May and up from 16% in June 2020.

Distressed sales – foreclosures and short sales – represented less than 1% of sales in June, equal to May’s percentage but down from 3% in June 2020. However, a government-imposed moratorium on foreclosures currently ends on July 31, which could impact distressed numbers later this year.

“Huge wealth gains from both housing equity and the stock market have nudged up all-cash transactions, but first-time buyers who need mortgage financing are being uniquely challenged with record-high home prices and low inventory,” Yun says. “Although (mortgage) rates are favorably low, these hurdles have been overwhelming to some potential buyers.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.98% in June, slightly up from 2.96% in May. The average commitment rate across all of 2020 was 3.11%.

Single-family and condo/co-op sales: Single-family home sales decreased to a seasonally adjusted annual rate of 5.14 million in June, up 1.4% from 5.07 million in May and up 19.3% from one year ago. The median existing single-family home price was $370,600 in June, up 24.4% from June 2020.

Existing condominium and co-op sales were at a seasonally adjusted annual rate of 720,000 units in June, up from 710,000 in May and up 56.5% from one year ago. The median existing condo price was $311,600 in June, an annual increase of 19.1%.

“NAR continues our conversations with policymakers and leaders from across the industry in an effort to boost housing inventory and increase access to safe, affordable housing for all Americans,” says NAR President Charlie Oppler. “As the nation’s economy continues to recover from COVID-19, securing policies that are in the best interest of U.S. consumers and homeowners remains NAR’s priority.”

Regional breakdown: Existing-home sales in the Northeast increased 2.8% in June, an annual rate of 740,000, a 45.1% rise from a year ago. The median price in the Northeast was $412,800, up 23.6% from June 2020.

Existing-home sales in the Midwest rose 3.1% to an annual rate of 1,330,000 in June, an 18.8% increase from a year ago. The median price in the Midwest was $278,700, an 18.5% increase year-to-year.

Existing-home sales in the South were unchanged from May, posting an annual rate of 2,590,000 in June, up 19.4% from the same time one year ago. The median price in the South was $311,600, a 21.4% climb from one year ago.

Existing-home sales in the West rose 1.7%, at an annual rate of 1,200,000 in June, a 23.7% jump from a year ago. The median price in the West was $507,000, up 17.6% from June 2020.

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Recently Barry & Kim with the Hoey Team ☘ helped a number of sellers who had been in Foreberance and we were able to get them to a "good place"; worry free; with excellent end results.  We help people in many different situations; everybody's situation is different; if you know someone needing help; have them reach out to us in confidence: 239-360-5527 ☘

As people continue to move and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA 🌴

Inventory remains low overall, but we do continue to list and market new properties to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing. 

Lower interest rates are probably helping with the increased sales; oftentimes over asking price.  Low inventory is the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help.  We recently got an amazing deal for a buyer on a Waterfront Condo with Boat Dock; and we are working on others; so there are deals out there; if you work with us, we will find them. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more details; Call 239-360-5527 ☘

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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

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We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ 239RealEstateDeals.Com LLC

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Barry & Kim, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘

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