A lot happened in our market in June. Here are all the details.

A lot happened in our real estate market this June, so today I’m sharing a recap:

• 8,931 new homes came onto the market versus 9,313 last June, a 4.2% decrease. 

• 14,441 active homes available compared to 18,172 last year, a 25.8% decrease. 

• 9,710 houses were sold in comparison with 9,476 last June, a 2.5% increase. 

• Months of inventory dropped from 1.92 months last year to 1.49 months this year, a 22% decrease.

“It is currently cheaper to own a home and have a mortgage payment than it is to rent a house.”

What do all these numbers mean? We have less than two months’ worth of inventory, on average. The multi-million dollar price points have a much higher inventory than properties priced under $250,000. So inventory is still very low. 

We also have record-low interest rates, around 3.15% on a 30-year fixed mortgage at the time of recording this video. Rates are so low that in most cases, it is currently cheaper to own a home and have a mortgage payment than it is to rent a house. Buying a home this year means you have a smaller payment than if you bought a house two years ago for $75,000 less. This means we have more buyers coming into the market, and a record-level number are coming in from out of state. 

Right now, we have about 8,500 available properties not under contract, and it should be roughly double that number. Low inventory plus high buyer demand plus low interest rates equals stable or increasing home prices, especially in the price points under $500,000. If you’re thinking about making a move, now is an excellent time because you can lock in a very low interest rate and get a great payment. If you’re looking to buy for the first time, it’s also a fantastic time because in most cases your mortgage payment will be the same or less than renting the same home. 

Give me a call or send an email if you’d like to discuss this further or you have any questions. I look forward to speaking with you soon. Please share this video with friends and family if you feel they could benefit.