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.”


June 2018 Sales Report: Southern Utah Realtors Sell 309 Homes

The June 2018 sales report is in, southern Utah Realtors sold 309 homes/condos.

MLS statistics from the Washington County Board of Realtors (WCBR) indicate June 2018 was another strong month for home sales in southern Utah. Categorized as either a single-family residential unit or a condominium/townhome, 180 of last month’s 309 closed escrow’s occurred less than 30 days.

St. George Utah –   Between June 1 and June 30, 2018, Realtors with the Washington County Board successfully closed escrow on just over $113 million in real estate transactions.

Not accounting for the sale of vacant lots and land, commercial property, manufactured housing and fractional ownership, June’s MLS statistics provided by the WCBR Flex system, indicates the top sale in the last 30 days occurred in the subdivision of Westgate Hills for $2.95 million.  On the MLS for a total of 130 days, the home was originally listed for sale on January 14, 2018 by Engel and Volkers St. George

Per the June 2018 WCBR sales statistics, the Average price of a home sold in southern Utah over the past 30 days was $366,517. Also, since June 1, the median list price for a home in southern Utah has been roughly $323,900, with those medium priced homes typically selling for approximately $319,900 – or $156 per square foot.

Southern Utah’s home buyers were quick to act during the month of  June. More than half, 58.25 percent, of the single-family residential or condominium/townhome closing escrow in Washington County occurred within 30 days of being placed on the MLS.

Real estate listings that sold within the first 30 days received an average Sales Price to Original List Price ratio of 98.92 percent.

June 2018: Top Five Sold Real Estate Listings

  • List Price: $3,600,000 – Sold Price: $2,950,000 – Days on Market:130
  • List Price: $2,100,000 – Sold Price: $1,950,000 – Days on Market:123
  • List Price: $1,399,000 – Sold Price: $1,360,000 – Days on Market: 33
  • List Price $1,014,000 – Sold Price: $1,014,000 – Days on Market:209
  • List Price: $999,000 – Sold Price: $920,000 – Days on Market: 209

June 2018: Days on Market

  • 180 southern Utah real estate listings sold in less than 30 days
  • 56 southern Utah real estate listings sold in less than 60 days
  • 33 southern Utah real estate listings sold in less than 90 days
  • 14 southern Utah real estate listings sold in less than  120 days
  • 26 southern Utah real estate listings sold in less than  121+ days

June Real Estate Activity for Washington County

On a year-over-year comparative basis, so far in 2018, active Realtors with southern Utah’s board have sold 2,617 total real estate listings. A 5.4 percent increase from 2017’s 2,483 closed escrows, June sales include 4 listings valued in excess of $1 million.  So far in 2018, 29 homes valued between $1 million and $1,999,999 have successfully closed escrow.

June 2018, real estate activity for southern Utah: sold, pending, active, and new real estate listings

June Real Estate Prices

June real estate statistics for St. George indicates the Active Average List Price in Washington County has continued to increase steadily since the beginning of the year to $505,256, representing 4.86 percent increase from June 2017. Meanwhile, over the past 12 months, the Average Sales Price for a home in the greater St. George area has increased to $334,603, which represents a 16.71 percent on a year-over-year basis.

June Real Estate Absorption Rate

As of Sunday, June 1, there are 628 single-family residential listings and/or condominium/townhomes for sale in the greater St. George area. As our MLS inventory remains at historic lows, buyers and their agents will need to be diligent in order to source out the best housing deals.

The WCBR Market Summary for June 2018 indicates our absorption rate is just over 3.1 months. In other words, if no new listings were taken and placed on the Washington County Board of Realtors MLS system – our inventory would be depleted within approximately 3 months.

St. George Utah, June 2018, real estate absorption rate

The above information is presented as a courtesy of Alex Yeager @ Your southern Utah real estate expert for St. George and its surrounding communities. Specializing in southern Utah luxury real estate, new construction, gated communities and southern Utah’s many golf communities.

*Information is deemed to be reliable but is not guaranteed. © 2015 435MLS and FBS. Prepared by ALEXANDER YEAGER, 435MLS on Sunday, June 1, 2018,  4:20 AM.