NAR’s June Real Estate Trends

The National Association of Realtors (NAR) will publish its second-quarter update for America’s Metro home prices on Wednesday, August 7, 2019.

As such, this seemed like the perfect time to do a quick review of the U.S. real estate market for June 2019. According to NAR, National real estate statistics for the month of June indicate America’s realtors sold 5.27 million units. The Median price of those sold units was roughly $285,700. 

June Real Estate Trends

  • First-time homebuyers up 31% on a year-over-year basis
  • All cash buyers down 22% from 2018
  • Distressed real estate sales down 3% from 2018
  • June real estate sales down 2.2.2% from 2018
  • June median real estate sales price up 4.8% from 2018
  • June real estate listings hit 1.9 2 million nationally–up 4.3.3% from 2018
  • June Days on Market: 27
  • Lack of real estate inventory for mid-to-lower priced homes elevates asking price
  • Signed contracts in June up 1.6% from 2018

 Looking forward, NAR’s housing forecasts for 2019 projects approximately 5.3 million real estate transactions, slower price growth, and a 30-year fixed mortgage rate of approximately 4 percent.

 National Real Estate Sales by Price Range

  •  $100,000-$200,000 = 36%
  • $250,000-$500,000 = 39%
  • $500,000-$750,000 = 11%
  • $750,000-$1 million = 4%
  • $1 million plus = 3%

Unfortunately as the Dow sold off on August 5, 2019, NAR’s chief economist, Lawrence Yun posted a somewhat ominous tweet for the real estate industry.

 “Mortgage rates this week will reach fresh clothes, but for the wrong reasons. The prospect of a major trade war between the two largest economies in the world is hurting broad business prospects. Businesses spending on factory expansion and software purchases have already declined, and could be exacerbated further due to the latest trade war tensions. Economic recession is becoming a genuine possibility. If there is a job cutting recession, which often occurs with delayed flag after a stock market correction, the low interest rates will not help home sales nor home prices.” Yun concluded his tweet with “hope.”: Let’s hope the satisfactory trade deal can be reached so that the longest US economic expansion can continue along with solid job games and wage growth.”

 

Washington County Realtors Sell 57 Listings Week Of August 4

St. George Realtors sold 57 properties during the first week of August

St. George, Utah – Southern Utah Realtors have been busy over the past week. Selling just over $19 million in real estate within the past seven days, Washington County’s Realtors closed escrow on 57 real estate transactions since last Monday, according to FlexMLS. The ‘Median’ sales price of a home in St. George for the week of August 4, 2109 was  $327,000 – or $166 per square foot.

St. George Real Estate Statistics: Week of  August 5, 2019

Per the WCBR (Washington County Border Realtors ) and it’s FlexMLS system, Realtors closed escrow on $19,956,964 worth of single-family residential real estate. Of last week’s 57 sold listings, 29 spent less than 30 days on the WCBR MLS (multiple listing service); 9 homes took less than 60 days close escrows (COE); 7 listings sold within 90 days; 3 took between 90 and 120 to COE, and  another 9 listing took more 121 days on the MLS to find the right buyer.

St. George Utah Realtors sold $19,956,964 worth of single-family residential real estate last week

Top Five Sold St. George Real Estate Listings

  • List Price: $ $999,999 – Sold Price: $980,000 – Days on Market: 165
  • List Price: $864,000 – Sold Price:  $860,000 – Days on Market: 06
  • List Price: $898,000 – Sold Price:  $835,000 – Days on Market:122
  • List Price: $629,900 – Sold Price: $600,000 – Days on Market:83
  • List Price: $559,900 – Sold Price: $554,400 – Days on Market: 127

Top 5 Washington County real estate sales

As of last Monday, the top five real estate sales in Washington County occurred in the following subdivisions: Shonto Point, The Reserve at Snow Canyon, Encanto Resort, High Chaparral and Cliff Rose. 

All photos provided by the Washington County Border Realtors, Flex MLS, and the listing Realtor. All information is deemed to be reliable but is not guaranteed. © 2019 MLS and FBS. Prepared by ALEXANDER YEAGER, 435MLS on Monday, August  5, 2019

 

The Views at Stone Mountain: St. George Realtors Host 17 Open Houses Weekend of June 9

Enjoy The Views at Stone Mountain: St. George Realtors Host 17 Open Houses Weekend of June 9

St. George, Utah –  With an Average List Price of $411,968 – or $175 per square foot – today’s 17 open houses have a collective value of  $7,003,450.

Of today’s 17 available properties, there are five new listings and two price reductions. Also a potential point of future negotiations for buyers to consider, the “Cumulative DOM”  (Days on Market) is a direct reflection of how potential buyers view the listing’s per square foot price point, location, and amenities.

As most home buyers already know, in a active real estate market where the average listing is sold in less than 60 days, those homes on the Multiple Listing Service (MLS) for more than 90 days are viewed as having “issues.” Considered a soft target in the world of real estate negotiations, the home listed for $485,000, at 4932 W. 3175 S., in the Sand Hollow subdivision has been on the market for 300 days.

The Views at Stone Mountain or …? Southern Utah Open House Directory

The Median List Price of a home on today’s Open House list today is $359,900, or $184 per square foot. Per the WCBR’s FlexMLS system, today’s 17 open houses can be viewed in the following southern Utah subdivisions:  Artesia Terrace, Bloomington Hills, Damron Valley, Enterprise Ranchos, Paradise West, The Retreat at Sand Hollow, Shadow Mountain, Shadowbrook Homes, Siena Heights, Stone Cliff, Sun River St. George (3), Tonaquint Terrace, Tupelo Estates, Valley View Heights, and The Views at Stone Mountain.

Click to view all 17 St. George Open Houses for the weekend of June 9

The above information is presented as a courtesy of Alex Yeager @ 435MLS.com. Your Southern Utah real estate expert for St. George, Utah and its surrounding communities.

All photos provided by the Washington County Border Realtors, the Flex MLS System, and the listing Realtor. * Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS. Prepared by ALEXANDER YEAGER, 435MLS.com on  Saturday, June 9, 2018.