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7
Home Sales Brisk and Prices Appreciating
Fueled by low interest rates, the first half of 2016 saw a 10% increase in sales volume and a 4% increase in average sales price. There were 5% more properties sold, and there were 12% fewer properties listed for sale. Check out some of our top performing markets: We like to compare this information to the top performers in the first half of 2015. This includes the Cedar Rapids Area, which had an increase of 21%, the Illinois Quad Cities, with an increase of 27%, and the Muscatine/Wilton Area, with an increase of 23%. 4-6 months of inventory is considered a balanced market, while 0-3 months is a seller's market, and 7 months or more is a buyer's market. Of course, this also varies by price range, with stronger demand generally in the lower price ranges and weaker demand in the upper price ranges. Results from all 12 of our market areas are shown below. Surprising Low Interest Rates Continue Thanks in part to Brexit, our interest rates are approaching record lows, hovering in the following ranges: Conventional Fixed 15-year (no points)...........................2.75% Conventional Fixed 30-year (no points)...........................3.375% FHA/VA (no points) 30 yr. fixed.......3.250% 5/1 ARM (no points)..........................2.625% Many smart mortgage holders are seizing the opportunity to refinance before the inevitable rise in rates. Mortgage rate projections averaged from Fannie Mae, Freddie Mac, Mortgage Bankers Association (MBA) and National Association of Realtors (NAR) are: 2016 4th Quarter................................4.00% 2017 1st Quarter................................4.08% 2017 2nd Quarter...............................4.28% 2017 3rd Quarter................................4.37% Home Prices Still Going Up Home prices continue to appreciate slowly and steadily in our region. See below for a snapshot of our region. Specific data varies by price range and neighborhood. "Given the market trends and the incredibly low interest rates," said Caroline Ruhl, president of Ruhl&Ruhl Realtors, "Buyers can buy more house for the same monthly payment now, than they will be able to buy in 2017." If you're ready to buy, sell or refinance your home, visit us at ruhlhomes.com and ruhlmortgage.com, or call us at (866) 441-1776.
