Real Estate Market

Real Estate News from North Iowa: September, 2018

National Real Estate Overview

Note: July 2018 data below is the most recent from the National Association of Realtors

According to the most recent data from the National Association of Realtors® (July), existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month.

NAR Housing Snapshot July 2018<Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops), decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.

NAR's chief economist, Lawrence Yun, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out or are deciding to postpone their search until more homes in their price range come onto the market.”

The national median price for existing homes (all housing types) in July was $269,600, up 4.5 percent from July 2017 ($258,100). July’s price increase marks the 77th straight month of year-over-year gains.

U.S. total housing inventory by July's end decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago).

Properties typically stayed on the U.S. market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month.

The average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent year ago. 

 


Find the right coverage for your North Iowa Home!

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.


Celebrate Fall in the City of Maples....Osage!

Celebrate the upcoming fall season in the "City of Maples" - beautiful Osage, Iowa! This Saturday, September 15th, from 9:00 am to 4:00 pm come to Autumn Artistry, the largest arts & crafts festival in North Iowa, for some seasonal fun!


With food, music, and art, there is something for the whole family to enjoy at Autumn Artistry! This fantastic community event is taking place throughout Osage. Head to Historic Downtown Osage for a wide variety of local artisans and food vendors. You will find harvest and baked goods, decor for your North Iowa home, handcrafted goods, holiday & gift items, and so much more. Head on over to the Osage Public Library (406 Main Street) for fantastic kids activities, including pumpkin carving! The Mitchell County Fairgrounds (1006 Chestnut Street) will be home to more incredible artisans and vendors, as well as the Blacktop Cruisers 16th Annual Car Show from 11:30 am to 3:00 pm (Registration begins at 8:00 am). Shuttle service will be available between the fairgrounds and a few downtown locations. And, do not miss a special edition of the Farmer’s Market (Parking Lot at South 7th Street & State Streets) from 8:00 am to Noon to find the freshest fall vegetables, colorful mums, delicious baked items, and more locally produced goods.

 

 

Jane Fischer & Associates wish everyone a day of fun at this year's Autumn Artistry in beautiful Osage!

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Contact Information

Jane Fischer
Real Estate Consultants
641-424-HOME (4663)

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