Teri Nelson , Realtor Intero Real Estate Services
408.425.5200
Housing Market Continues to Rise in Second Quarter
Home prices continued to surge in the second quarter Nationally by 6.2 percent according to the National Association of Realtors . This is more than the previous peak observed in the third quarter of 2016 . Home prices in the west grew at the highest year-over-year rate , 7.5 percent to a median existing single family value of $ 372.400 . The most expensive metro areas by median single family price in the second quarter were San Jose , CA ($ 1,183,400 ); San Francisco , CA ($ 950,000 ); then Anaheim-Santa Ana , CA ($ 788,000 ); Honolulu , Hawaii ($ 760,600 ); and San Diego , CA ($ 605,000 ).
Existing home sales , including condos , fell 0.9 percent in numbers sold to 5.57 million in the second quarter , according to the report . Existing homes available for sale were down 7.1 percent-year – over – year to 1.96 million at the end of the quarter , with an average supply of 4.6 months .
Household incomes may be rising and giving consumers assurance that now is a good time to buy , but these severe inventory shortages will likely continue to be a drag on sales potential the second half of the year according to Lawrence Yun , chief economist at NAR .
If you are thinking of selling now may be the time . Inventory is short and usually we see an upsurge in buyers from August for the September – November market .
Now may be the time to call a Realtor to find the net worth of your home and get it ready to sell at top dollar .
Fast Facts
Morgan Hill
|
May |
June |
July |
Active ( Homes on the Market ) |
83 |
97 |
95 |
Homes Sold |
52 |
62 |
47 |
Average Days on the Market |
17 |
29 |
33 |
Sale to List Ratio |
100.4 % |
100.6 % |
100.8 % |
Teri Nelson , Realtor Intero Real Estate Services
408.425.5200
BRE # 00858151
GILROY • MORGAN HILL • SAN MARTIN SEPTEMBER / OCTOBER 2017 gmhtoday . com
49