Market Update August 30 2019

September 3, 2019

“According to First American Financial Corp home affordability is increasing despite rising prices. Their data, which they’ve named “real house prices,” is a metric that measures home prices adjusted for other economic factors. Their home-price index shows that, all things considered, home prices have actually fallen by 4.6% in June year-over-year.

Their metric shows that household income, combined with lower mortgage rates, have made homes more affordable despite the price tags going up. As of Thursday morning, the 30-year fixed-rate average was at 3.55% according to Freddie Mac. Looking at the stats for Freddie Mac going back to 1971, the all-time lowest mortgage-rate average on a 30-year fixed-rate mortgage was 3.31% in 2012.

First American chief economist Mark Fleming says that right now, home buying power is at its highest rate since 1991, when the group first started measuring affordability. Not only do they have the power, the Conference Board’s index shows American consumers also have the confidence.”

(provided by Movement Mortgage news)

Closer to home – According to the Naples Area Board of Realtors, since January the median closed prices have decreased 2.9 percent to $335,000 from $345,000. But compared to last July, prices have held steady. July’s median closed price was $326,200 compared to $326,500 for July 2018.

Closed sales activity was the highest in the Naples Beach area (34102, 34103, 34108), which saw a 25 percent increase in overall closed sales and a 40 percent increase in single-family home closed sales compared to July 2018.

“Land values are high right now,” said Coco Amar, “which will make homes for sale in the resale market more attractive this fall.”

Click to Read the July 2019 Market Statistics by NABOR.

If you are looking to buy or sell a home in Naples, Bonita/Estero, Marco areas contact any one of the Realtors at Love Naples Realty. Our Realtors have the experience and knowledge to provide an accurate market comparison for your Sale or Purchase and the ability to help you negotiate your way through out the entire Real Estate transaction.  Our Realtors at Love Naples Realty can help ensure your next purchase or sale in the Naples, Bonita/Estero, Marco area is a success!