Real Estate

National Real Estate Market Conditions

Real Estate Numbers - Worth a Look

Lawrence Yun, NAR senior economist, said some consumers are uncertain.  "Home buyers have been getting mixed signals about the housing market, which is causing some of them to hesitate," he said.  "Mortgage interest rates have risen recently, and tightening lending standards are continuing to hamper sales, but fewer risky loans will put the market on a healthier path.  Although general buying conditions remain favorable for long-term home buyers, it appears some buyers are looking for more signs of stability before they have enough confidence to make an offer."

"Two bright spots in the June report are a decline in housing inventory and a modest gain in home prices," Yun said. 

Total housing inventory fell 4.2 percent at the end of June to 4.20 million existing homes available for sale, which represents an 8.8-month supply at the current sales pace, the same as a downwardly revised 8.8-month supply in May.

NAR President Pat V. Combs and vice president of Coldwell Banker-AJS-Schmidt, said that local market conditions vary widely.  "Consumers should avoid making decisions based on what they hear about the national market because all real estate is local," she said. 

"There are pockets around the country where home sales are quite strong, so you really need to consult with a knowledgeable real estate professional about local market conditions -- experience is one way REALTORS add value to the real estate transaction, and a reputable agent is your best resource to navigate the current market, whether it's moving up or down," Combs said.

Existing- home sales in the Midwest declined 2.8 percent in June to a level of 1.37 million, and are 8.1 percent below June 2006.  The median price in the Midwest was $171,700, which is 1.5 percent below a year ago.