The Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.


INFO THAT HITS US WHERE WE LIVE... The path forward in the housing market has had obstacles, but they do seem to be showing up less frequently. The latest National Association of Realtors (NAR) survey reported that realtors expect home prices to keep appreciating over the next year, with the median price up 4%. The NAR's director of regional economics and housing policy said: "A moderate increase in inventory will help to steady prices to a historically stable growth path." He noted the median price for existing homes was 31.7% lower than for new homes in March, suggesting they're "a bargain by historical standards."

Fannie Mae's May 2014 National Housing Survey came in with the news that consumers are increasingly upbeat about housing. The share of respondents who say it's a good time to sell grew to 43%, the highest level recorded since the survey began in 2010. The share of those who say it's a good time to buy dipped slightly but is still at 68%. Evidence of that sentiment came when the Mortgage Bankers Association reported that the seasonally adjusted purchase applications index for the week ending June 6 was up 9% from the week before. People could be noticing rates are near six-month lows.

Have a great day!
Bob and Judy