June Market News

June 2013 Market Reports As potentially the brightest sun in the current economic recovery, housing activity has followed the mercury higher this summer. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points. Also watch for sellers returning to an inviting marketplace, which will help replenish neighborhoods with new listings. New Listings were up 4.8 percent for detached homes and 24.4 percent for attached properties. Pending Sales increased 16.9 percent for single-family homes and 26.6 percent for townhouse-condo properties. The Median Sales Price was up 9.5 percent to $230,000 for detached homes and 6.8 percent to $203,000 for attached properties. Months Supply of Inventory decreased 15.5 percent for single-family units and 15.2 percent for townhouse-condo units. The economy which generates the jobs that fuel housing demand continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 or 4.25 percent again but the days of 3.3 percent interest are likely behind us. Courtesy of Vermont Realtors