08-02-2019

DECREASED INCREASES

There’s been a dip in home price gains. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.4% annual gain in May, down from 3.5% in the previous month. S&P Dow Jones Indices’ Philip Murphy said, “Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so. Among 20 major U.S. city home price indices, the average YOY gain has been declining for the past year or so and now stands at the moderate nominal YOY rate of 3.1%.”

LONGER LISTINGS?

It took longer to sell a home in June than it did in May. The National Association of Realtors® (NAR) reported that the average time on market in June was 27 days, up from 26 in May and June of 2018. More than half of homes sold in June (56%) were on the market for less than a month.

PURCHASE POWER

Mortgage interest rates took a slight downward turn, giving a boost to home buyers’ purchasing power. Rates for a 30-year fixed rate mortgage are still hovering near three-year lows according to Freddie Mac’s Primary Mortgage Market Survey for the week ending July 25. NAR® President John Smaby said, “Securing and locking in on a mortgage now – given the current, favorable conditions – is a decision that will pay off for years to come.”

FIN FEARS

A national real estate brand is trying to ride the Discovery Channel’s wave. Century 21 is hitting social media to promote “Shark-free Listings” as Discovery kicked off its 31st season of Shark Week. All week, Century 21 will be responding in real-time to anyone on social media that expresses their fear of sharks with home listings located in the farthest spot from the coasts: Northern Kansas.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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