Total Existing Home Sales in July Nationally on the Rise

Home Prices Rise

As a further sign of continued gradual growth in the housing market, the National Association of Realtors (NAR) recently announced that existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

According to the latest NAR report regarding July’s trends, total existing home sales  increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July from a downwardly revised 5.06 million in June, and are 17.2 percent above the 4.60 million-unit pace in July 2012; sales have remained above year-ago levels for 25 months.

In addition, Freddie Mac also recently indicated that the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.37 percent in July from 4.07 percent in June, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.55 percent in July 2012.

Furthermore, the national median existing home price for all housing types was $213,500 in July, which is 13.7 percent above July 2012. This marks 17 consecutive months of year-over-year price increases, which last occurred from January 2005 to May 2006. Also, based on the NAR findings, Total housing inventory at the end of July rose 5.6 percent to 2.28 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, unchanged from June. Listed inventory is also now 5.0 percent below a year ago, when there was a 6.3-month supply.

Therefore, based on the findings of the NAR for July in 2013, we foresee that home prices will continue their gradual rise, in spite of recent interest rate increases, and that housing inventories continue to slowly decrease, thereby raising the home prices as demand remains steady or increases.

There are still many great deals on homes available in the Great Smoky Mountain market, and today is a good time to look for the many properties that are available right now.  If you have thought about purchasing a property in the Great Smoky Mountain region, now is the time to start looking. We invite you to browse our available properties today, and see what our area has to offer for you.

Here Are A Few of My Featured Listings:

Unique Contemporary Home w/Mtn Views Come & enjoy this one of a kind, unique, contemporary home! This 5000+ sq ft, 4 BD/3 BA home is located just off the Parkway in Sevierville in a beautiful, private neighborhood! Type: Single Family Home Location: Sevierville,TN Price: $325,000 Get more information >
180 Degree City & Mountain Views Produced over $14k in rental income in 2012. Very private ridgetop retreat w/wraparound covered deck that has amazing 180 degree views of the mountains & city lights. Type: Single Family Home Location: Chalet Village Price: $189,900 Get more information >
Gone With The Wind Almost $27,000 income for 2012!! If you have dreamed of having a luxury chalet on top of the mountain with sweeping views of the valley, city and mountains then you have to look at this one. Type: Single Family Home Location: Chalet Village Price: $299,900 Get more information >

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227