Myrtle Beach Real Estate Market for June 2013

In June Single Family homes continued strong with the number of sales year to date up 19.2% from 2012 with the median sales price up 6.72% YTD.

However, inventories are up almost 7% from last year and mortgage interest rates are slowly climbing higher; these factors will keep the number of sales and further price gains under pressure, but off setting this is the number of distressed properties (foreclosed, etc.) which is down 33.8% from last year.

Condos show smaller gains with the number of sales up 4.8% year to date and the median sales price about the same; distressed properties are down sharply, 43.7% from last year, potentially good news for sellers. Condos remain difficult to finance with about 61% being cash sales compared with about 26% for single family homes.

The complete market report compiled by SiteTech Systems can be found at:

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Current Mortgage Interest Rates

Here are the current rates from one local lender:

30 yr fixed 4.375% purchase; 4.625% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase; 3.625% refinance

10 yr fixed 3.375% purchase; 3.625% refinance

Existing Home Sales Nationwide

The National Association of Realtors has just published an article about existing home sales which shows strong gains across the country. Here's the link:

http://economistsoutlook.blogs.realtor.org/2013/06/28/existing-home-sales-by-price-category/

U S Home Prices Continue to Climb

Home Prices Post Biggest Jump in 7 Years

Home prices are moving up at a quicker pace, rising in May by their largest annual amount in more than seven years with more to come, according to the latest report released by CoreLogic. 

Home prices increased 2.6 percent in May over April and have shot up 12.2 percent compared to last year’s prices according to CoreLogic economists who predict that home prices will rise by another 2.9 percent in June, making the yearly price gain 13.2 percent year-over-year. 

Tight inventories of homes for sale across the nation seem to be the driving factor with pent up demand and low interest rates adding to the action.   

When including distressed sales, the following five states have seen the highest home appreciation in the past year, according to CoreLogic:

• Nevada: +26%
• California: +20.2%
• Arizona: +16.9%
• Hawaii: +16.1%
• Oregon: +15.5%

What are home prices doing in the Grand Strand?  Check SiteTech Systems latest report at:http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf