Market Update

Great information from a great mortgage banker, Mike Mudry @ USA Mortgage:

“QUOTE OF THE WEEK… “Everybody thinks they are right.”–Stefan Sagmeister, New York-based graphic designer and typographer

INFO THAT HITS US WHERE WE LIVE… This week, those who think they’re right in believing the housing market has shrugged off its recent slump could present fresh evidence. Pending homes sales in May surged 6.1% over the month before, according to the National Association of Realtors (NAR). This index of contracts signed on existing homes indicates that sales of those properties should move ahead nicely a couple of months out. It was also good to see all four regions of the country posted increases in pending sales.

The NAR’s chief economist projected: “Sales should exceed an annual pace of 5 million homes in some of the upcoming months behind favorable mortgage rates, more inventory, and improved job creation.” In fact, the inventory of existing homes was up 2.2% in May as sales gained 4.9% and, according to Freddie Mac, national average rates on 30-year fixed-rate mortgages recently posted their first annual decline in more than a year. NAR projections show the national median existing home price growing 5% to 6% this year and 4% to 5% in 2015.”

Thanks for the update Mike!

We hope this helps give you some insight into recent sales and helps you take that leap of faith! If you need any help with selling, buyer or BOTH, give us a call today at 314-313-1773 and ask for Ashley!

Have a Sunshine Day 🙂