If you have been waiting for the housing market to “bottom out” and interest rates to go even lower than they have in the last year, well, friend, you have missed the boat.
Memphis Area Association of Realtors stats for July 2013 and 3013 YTD indicate a continued upward trend in unit sales as well as median and average prices. Data is based on deeds recorded in Shelby, Tipton and Fayette Counties (Tennessee). Here is a summary:
Download and review the full report HERE.
Other highlights include:
Inventory – edging up a little bit – a good sign
Foreclosures and Bank Sales – down for July and YTD – hopefully a sign that the bulk of foreclosures have worked through the system, and with prices increasing, some who have been underwater may be above water again.
Sales Data by Neighborhood (for July and YTD) – See how your area did.
I am willing to call the housing activity this year a trend. Prices are trending upward and will continue to do so as long as inventory remains restricted, especially in certain affordable price points. Now is a good time to sell in most areas, and there are still good deals to be had by buyers. Affordability is going to be impacted by mortgage rates and guidelines, so if you are in the market, educate yourself and stay on top of trends.
Mortgage Rates
Mortgage Rates are up roughly 1% since May. I believe it will be a long time before we see 30 year mortgages at less than 3.5%; however 15-year rates are still looking pretty tempting.
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What do you think? Leave your comments.