June Housing Sales Volume and National Housing Economic Report from NAR
NAR (The National Association of REALTORS) has the ability to have direct contact with the pulse of the housign market and their recent report released today states that the 2nd half is going to be better than the first half of the year. As the premier Relocation Engineer in Franklin, I am constantly in tune with the local Williamson County market and my charts while not as broad can also show how the market is performing where it matters most, in your neighborhood.
The chart below shows the total number of real estate units sold in the entire Realtracs MLS by year beginnign with the peak of 2006. The 2014 volume is almost exactly half of the 2013 number and the year is half over, but what does teh rest of the year look like.
Well from the NAR report relased today, the forecast is for more sales than the first half and here are some indicators to that point:
- Inventories are at highest levels in over a year. (means more choices)
- 5.5 month supply nationally
- price gains are slowed to more welcoming levels.
- 28th consecutive month of median existing home price increase (4.3% above June 2013)
I advise you to read the entire report from NAR for their insight in to this subject, but I also have my data and welcome your comments and discsussion below or via a phone call.
From the chart below that tracks local home sales (condos, single family, auctions, and multi-family sales) you can see that until June 2014 it seemed that 2014 was just keeping pace with 2013. June 2014 had a 9% increase in sales over June 2013.
NAR feels that the real estate market is being held back by a lack of wage increases and the high price of Mortgage Insurance that for FHA loans is now for the life of the loan.
The Grumbles Team is our family serving your family with your real estate needs in Franklin, Tennessee 615-587-5843.
EXIT Realty of the South | 1227 Lakeview Dr. Suite 1 | Franklin | TN | 37067 | 615.550.5555
Williamson County Real Estate Agent
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