Real Estate Market

Market Trends

Housing Report

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)

National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.

Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."

Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.
     
  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.
     
  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.
     
  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

Looking For the Ideal Quiet Bedroom Community?

Are you tired of living among the hustle and bustle of the big city, but still want to be near the convenient amenities they provide? Then welcome to Carson!  Carson is a bedroom community that's home to people working in Council Bluffs or Omaha. Many find it to be a great alternative to the hustle and bustle of the larger cities. Carson has that great small town America feel and a sense of community that makes it a restful place to live.

Don't feel like leaving town? No problem. There’s a number of great places to eat in Carson.  Penalties Sports Bar & Grill is where the locals meet to eat burgers, sandwiches, pizza and enjoy a cold beer. Other restaurants include Tin Cup and MorrisOpazo. You can also stay in town to do your daily business with a variety of businesses, such as Carson Body Shop, Sweeties Pastries And Catering, US Bank, Permanent Solutions Salon, Country Store, and more. 

The Riverside School District serves the students in Carson.  The middle school is located in the city, while Oakland is the home of the elementary and high schools.

Does Carson sound like the ideal bedroom community for you? If so, find your ideal home in Carson today.

Contact Information

Photo of Rob Washburn Real Estate
Rob Washburn
Ed Spencer Real Estate - Farms America, INC
Mall of the Bluffs
Council Bluffs IA 51503
402-981-6999
712-322-7653
Fax: 712-624-9251

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Our office is located at:
Mall of the Bluffs
Council Bluffs, Iowa 51503

402-981-6999

Rob@RobWashburnRealEstate.com

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