Ave. Home Sale: $379,000
Information from Guild Mortgage Company, Brandon Horrocks and Roger Gill, Senior Mortgage Bankers:
INFO THAT HITS US WHERE WE LIVE Tuesday, June Housing Starts came in down 5.0% from May to a 549,000 annual rate. This was below expectations, but still up 15.1% from the low they hit in April 2009. Most of the drop came from volatile multi-family starts. Single-family starts were down a mere 0.7%. Most significantly, housing completions shot up 26.2% in June, the biggest monthly gain going back to the late 1960′s. Builders clearly shifted focus from starting to finishing, as they pushed to close sales qualifying for the homebuyer tax credit. Finally, Building Permits were UP 2.1% for June, beating expectations, so things are looking up for the months ahead.
Thursday saw June Existing Home Sales down 5.1% to an annual rate of 5.37 million. But this beat expectations for the fourth time in five months and was 9.8% above sales a year ago. The median price for an existing home also gained in June, coming in at $183,700. This is up 1.0% from last year. In addition, the FHFA price index for homes financed by conforming mortgages went up 0.5% in May, increasing for the third month in a row.
National average rates for fixed rate mortgages hit new lows, according to Freddie Mac’s weekly survey of conforming loans. So refinance applications shot up 7.6% over the week before, but best of all, purchase loan applications were also up a healthy 3.4%.
It is a great time to buy or invest in the real estate market. Why? the average rates for fixed rate mortgages are below 5%, most sellers have reduced the price they want on their homes to meet current market demands and there are still plenty of short sales and bank owned properties. Now is the time for buyers in the American Fork, Utah County housing market!
Tags: American Fork, bank owned properties, Housing Market, mortgage, short sales, Utah County
Avg. Sales Price: 379,000
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