NAR reported the median price of an existing single-family home rose 5.9 percent in May, an annual gain of 12.6 percent. "Home prices rose to their highest levels in almost five years in May, increasing by a non-seasonally adjusted 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday." A drop in foreclosures, coupled with a short supply of homes for sale and record low mortgage rates have helped fuel the real estate market this year.
Locally in Bentonville, AR the average days on market for single family homes is only 52 days and the foreclosure rate remains low at 4.6%. The average median home price in July was $282,000 compared to an average price of $240,000 9 months ago in October 2012. Inventory remains low at only 340 residential single family homes on the market.
Here at The Burnett Real Estate Team our inventory has gone from 30 to 15 listings in just a short period. Our sales are up 88% over last year during the same period with our July ending sales volume at slightly over 4.8 million. We have been busy selling property! While interest rates are still low it is the perfect time to buy or sell real estate. The market is HOT and the time is NOW!