Top 5 REALTOR® Updates | Week of July 27th

1. 47% of Homes Are Selling in Less Than a Month (Denver homes sold in six days or fewer in June!)

In some cities across the country, homes are selling faster than ever.  Nationally, properties typically stayed on the market for 34 days in June, the shortest number of days since the National Association of REALTORS® began tracking in May 2011. Short sales spent the most time on the market with a median of 129 days, foreclosures sold in 39 days, and non-distressed homes were on the market for 33 days. NAR reports that 47 percent of homes sold in less than a month in June.  Read More...

2. Better Days Ahead for First-Time Buyers

For now, first-time home buyers have mostly found themselves in a sellers market, faced with above-average price appreciation and bidding wars due to limited inventories of homes for-sale.  But in the second half of the year, the market is expected to shift toward more of a balance as more sellers – motivated by higher home prices – put their homes on the market, alleviating the inventory shortage. This will help provide buyers with more choices of homes to buy as well as likely soften the speed at which home prices are rising.  Read More...

3. Millennial Buyers Reach Tipping Point in 2018?

Millennial home ownership levels may still be low for now, but that is expected to change in three years.  Fifty-three percent of nearly 6,000 millennial renters, age 18 to 34, recently surveyed say they expect to buy a home but plan to wait until after 2018, according to Apartment List's Apartment List Renter Confidence Survey. Only 25 percent of those surveyed say they expect to buy a home in the next two years.  Age and marital status will play a big role on when they jump into home ownership, the survey found.  Read More... 

4. Existing-Home Sales Rise in June as Home Prices Surpass July 2006 Peak

Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®. All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May.  Read More...

5. June Housing Sales Strong Throughout the State

June sales of both single-family homes and condominiums-townhouses were strong throughout the entire State of Colorado compared to the same month in 2014, according to market statistics prepared for the Colorado Association of REALTORS® (CAR) by 10K Research and Marketing, a Minneapolis-based real estate technology company using data provided by all of the Multiple Listing Services (MLS) in Colorado..    Last month a total of 8,938 single-family homes and 2,798 condominiums-townhouses were sold statewide; up 8 percent and 19 percent respectively over June 2014.  Read More...