How’s The Market? Prices Up Nationwide, First Time in 5 Years
Existing-home prices continued to show gains nationwide—prices are 4.5% higher than June 2011, according to the National Association of Realtors.
Home prices rise for first annual increase in 5 years, according to real estate listing site Zillow. Nationwide home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007. Prices were up 2.1% from the first quarter. June is the fourth consecutive month to see home values rise.
Record low mortgage rates are fueling housing demand, according to Freddie Mac in its July U.S. Economic and Housing Market Outlook. The average 30-year and 15-year fixed-rate mortgage hit new all-time record lows along with the 5-year ARM. The average 30-year fixed has been below 4% all but one week in 2012. The average 15-year fixed-rate mortgage has been below 3% for 8 consecutive weeks.
Cool video and neighborhood stats breakdown:
Here’s the latest June statistics for Maryland, Virginia, and DC: