Second Quarter Home Statistics

June Year-To-Date Sales

 

Kansas City Metro 2013 2012 Difference
Number of Homes Sold 15,159 13,914 9%
Average Sales Price $176,867 $163,845 8%
       
Missouri 2013 2012 Difference
Number of Homes Sold 6,679 6,040 10%
Average Sales Price $144,600 $134,200 7%
       
Kansas 2013 2012 Difference
Number of Homes Sold 8,480 7,874 8%
Average Sales Price $218,500 $205,700 6%
       
June Stats 2013 2012 Difference
Total Active Listings 14,746 16,054 -13%
Average List Price $185,955 $171,159 8%
Days on Market 87 93 -7%
List Price to Sales Price Ratio 97.20% 96.10% 2%
Total Sales To Date 15,159 13,914 8%
Average Sales Price $150,781 $161,580 -7%
Months of Inventory 5.8 6.9 -19%

 

Advertisements

Economic Update

Weekly Mortgage News

The National Association of Realtors reports a 0.4% dip in Pending Home Sales for June, due largely to higher interest rates and home prices. Locally, the rate dropped 1.0% in the Midwest region from May’s 7-year high.

Bottom Line for Mortgages

Speculation has swirled since last month’s meeting on when the Fed will scale back their bond-buying program, known as QE3. The potential of them “tapering” the program is the culprit behind the run-up in rates.

Fed committee members seem to be split on “tapering” bond buying, so this week’s policy announcement will have an impact. If the Fed wants to keep QE3 in-place through 2014, it could help mortgage rates. But if there are more signs they plan to cut the program earlier, it could push rates higher.

Image

Economic Update

Weekly Mortgage News

The minutes from the Fed’s last meeting were released last week, and everyone is trying to “read the tea leaves” for clues on when they plan to back off their bond-buying program (QE3.)

Chairman Bernanke reacted quickly to the market volatility in a speech last week saying that “highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy.”

Recap from Last Week
Another reason why the Fed may continue their bond-buying to keep rates low is the anemic labor market. Even though the last jobs report was better-than-expected, we’re still not out of the woods yet. Especially if you look at the 16% unemployment rate among 18-29 year olds!

Bottom Line for Mortgages:
Good housing news and a jump in inflation at the wholesale level are continuing to push mortgage rates higher.

Image