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Sun City Lincoln Hills Real Estate News

Latest Realty News from NAR

In Which States Did Properties Sell Quickly in September 2018?

In a monthly survey of REALTORS®, respondents reported that properties were typically on the market for 32 days (34 days on year ago), according to the  September 2018 REALTORS® Confidence Index Survey.[1]  However, the difference in median days in the current month compared to the same month last year has started to narrow as homebuying demand has eased and the inventory of homes for sale has slightly increased. In January and February of this year, properties were selling about one week less compared to the length of time in the same period one year ago.

During the July–September 2018, properties typically sold within one month in 27 states (32 states in August 2018).  Properties sold most quickly in South Dakota (20 days), Idaho (21), Washington (21 days), Rhode Island (21 days), Indianapolis (22 days), Kansas (23), Massachusetts (23), Ohio (23), Utah (23), Colorado (24), Nevada (24), Nebraska (24), Maine (24), and Michigan (24).  

That properties are still selling faster compared to one year ago is an indication that the supply of homes for sale is still inadequate compared to the demand for homes. Based on the REALTORS® Seller Traffic Index[2], home selling conditions were “weak” during July, August, and September 2018 compared to one year ago in the District of Columbia and in 28 states including California, Oregon, Colorado, New York, New Jersey, Massachusetts, Virginia, North Carolina, South Carolina, Georgia, Tennessee, and Florida.

 


[1] In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.

[2] An index greater than 50 means that more respondents reported conditions relative to one year ago as “strong” than those that reported “weak.” Due to sampling, we categorize the index as “very weak” for 0 to 25; “weak” for values 25+ to 45; “stable” for values 45+ to 55; “strong” for values 55+ to 75; and “very strong” for values 75+.

September 2018 Housing Affordability Index

At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates rose to 4.77 percent this September, up 14.9 percent compared to 4.15 percent a year ago.

  • Housing affordability declined from a year ago in September moving the index down 8.4 percent from 160.1 to 146.7. The median sales price for a single family home sold in September in the US was $260,500 up 4.6 percent from a year ago.
  • Nationally, mortgage rates were up 62 basis point from one year ago (one percentage point equals 100 basis points).

  • The payment as a percentage of income was down to 17 percent this September but up from 15.6 percent from a year ago. Regionally, the West has the highest payment at 23.7 percent of income. The South had the second highest payment at 16.5 percent followed by the Northeast at 16.4 percent. The Midwest had the lowest payment as a percentage of income at 13.5 percent.

  • Regionally, the West recorded the biggest increase in home prices at 7.0 percent. The Northeast had an increase of 5.3 percent while the South had a gain of 4.2 percent. The Midwest had the smallest growth in price of 2.2 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The Northeast had the biggest drop in affordability of 9.0 percent. The South had a decline of 7.3 percent followed by the West that fell 6.8 percent. The Midwest had the smallest drop of 5.8 percent.
  • On a monthly basis, affordability is up from last month in all of the four regions. The Northeast had biggest gain of 5.5 percent. The Midwest had an incline of 4.2 percent followed by the South with an increase of 2.3 percent. The West had the smallest gain in affordability of 1.9 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 185.3. The least affordable region remained the West where the index was 105.4. For comparison, the index was 151.4 in the South, and 152.3 in the Northeast.

  • Mortgage applications are currently down. Mortgage rates are rising and home price growth is starting to slow down. Despite higher mortgage rates, lower home prices and increases inventory levels will help renters and potential home buyers enter the housing market. Home prices are up 4.6 percent outpacing median family incomes that are growing 3.1 percent.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

Third Quarter Single Family Metro Market Prices

The National Association of REALTORS® reported that quarterly home prices increased again this past quarter. Prices continued to rise, with 93% of the markets showing home price appreciation. While, single-family home price growth is slowing and median family incomes are rising, affordability has been declining. Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them. Here is a look at the metro areas with the strongest price growth in the third quarter 2018, as well as a look at the yearly change in median existing single-family home prices for the top five highest and lowest growth metro areas of the third quarter 2018.

These are the top five single-family metro areas with the highest home price appreciation:

These are the bottom five single-family metro areas that had a decline in home price appreciation:

These are the most expensive metro areas for the third quarter 2018:

These are the least expensive metro areas for the third quarter 2018:

Qualifying Income Based on Sales Price of Existing Single-Family Homes for Metropolitan Areas by Region:

For the US, at the 5 percent down-payment threshold, the qualifying income amount for the third quarter of 2018 was $64,480. At the 10 percent down-payment mark, the qualifying income was $61,086, and with a 20 percent down-payment, the income required to qualify for a mortgage was $54,299. The West led all regions with the highest qualifying income while the Midwest had the lowest income for 5%, 10% and 20% down payments on a single-family home.

The Realty Experts Testimonials

Michelle was a joy to work with from beginning to end. I can’t imagine anyone knowing Lincoln Hills better. She explained everything clearly, kept us posted on developments, and responded quickly to our questions. The result was better than we expected, with far less hassle. Don’t hesitate to call Michelle. Steve F.
Thank you so much for all you have done. What a trying time for our family but we pulled it all off. I truly appreciate your professionalism. You are one of the hardest working Realtors I know. Sandra B.
Michelle Cowles was far and above the best Realtor I have ever dealt with. She went to great lengths to help me with the sale of my home. She should be highly commended for her extreme effort and I would highly recommend her to everyone I know. Jill A.
After interviewing several Realtors, I chose Michelle and it was the best decision I could have made. The sale of my mother’s home turned out to be unexpectedly complicated and it was her attention to detail that helped us to discover and rectify an issue with the trust which we had no idea existed until Michelle started her thorough pre-sale paperwork. She guided my brother and I through every step of the process and worked closely with us, going above and beyond expectations, from start to finish. I would, without hesitation, highly recommend Michelle and think you should look no further if you are seeking the best realtor for the job. Thank you Michelle! Tamara
Thank you so much for everything you've done for us! Your attention to detail, knowledge, customer service and willingness to go beyond the expected and into the realm of "superb all-around agent" has made our new retirement residence possible. We hope we can continue to be personal friends now that our business is complete. Doug and Joan
Michelle Cowles is the best realtor we have ever worked with...friendly, efficient, thorough and detailed (almost to a fault!) and, most importantly, hangs in there with you until all matters are resolved and completed. Gerry & Marianne
You are amazing, Michelle. Thank you for your support through this whole transaction. Elaine
Thank you endlessly for all you have done!! Laura Ann G.
Thank you once again for doing an outstanding job selling our lovely home. You are a true professional always having our best interest in mind. We miss talking to you but wish you much success! Al and Linda
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