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

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/

Current Mortgage Interest Rates

Current interest rates for Grand Strand mortgages:

30 yr fixed 4.125% purchase; 4.375% refinance

20 yr fixed 3.875% purchase; 4.125% refinance

15 yr fixed 3.25% purchase; 3.50% refinance

10 yr fixed 3.125% purchase; 3.50% refinance

Grand Strand Market Report for May 2013

The residential real estate market continues to improve, for both single family homes and
condos.  Here is the summary from SiteTech Systems:

"After a strong start in 2013, Single Family Residential (SFR) sales continued its
momentum as May’s performance was the best May since 2006. During May,
SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a
47.4% improvement from 2011. May’s performance was the best single month
of sales since June 2006. Year-to-date (YTD), SFR sales are up 21.1% from 2012
levels. In addition to strong SFR sales, the median sales price of SFRs was
$190,000, the best monthly performance since Q3 2010. The improvement in
sales price was driven by fewer distressed sales. YTD, the median sales price is
up 5.03% for the year. As SFR sales continue to grow, more homes are coming
back onto the market. During May, the inventory of home for sales continued
its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the
inventory has peaked and will begin its seasonal decline in June. Offsetting the
growth in SFR inventory, the inventory of distressed homes for sale continued
to decline and is now 31.1% below its prior year level. For condos, the
inventory continues it slow decline and the current inventory is down 10.8%
from May 2012 and distressed inventory is sharply down 39.3% over the last
year. During May, condo sales declined slightly from 2012 and remain up 6.8%
for the full year. The median sales price for condo rebounded in May to
$110,500. This improvement was driven by fewer distressed sales. YTD, the
median sales price of condos remains flat to 2012 levels at
$105,000. Residential lot sales rebounded in May and full year sales are in line
with 2012 performance. Similar to SFR and condos, the median sales price of
residential lots improved in May and the YTD sales price is now up 17.8% from
2012."

Read the entire report at:
Grand_Strand_Market_Report May 2013

Mortgage Interest Rates Move Higher

According to the Mortgage Bankers Association, for the week ended May 31st, the average contract interest rate for a 30 year fixed rate mortgage was 4.07% the highest since April 2012.  

Housing Recovery Picks Up Speed

The housing recovery has picked up speed, as home prices posted their highest year-over-year gain since February 2006, according to the latest housing data from CoreLogic. 

CoreLogic's home price index climbed 12.1 percent in April over year-ago levels. Home prices have been on the rise for more than a year. 

"The pace of the housing market recovery quickened in April as home prices rose across the U.S.," says Anand Nallathambi, CoreLogic's chief executive officer. "We expect this trend to continue, bolstered by tight supplies and pent-up buyer demand."

CoreLogic economists predict home prices will rise another 2.7 percent in May. 

The following five states had the largest price gains over the past year: 

• Nevada: +24.6%
• California: +19.4%
• Arizona: +17.3%
• Hawaii: +17%
• Oregon: +15.5%

Will this trend continue, yes, but almost certainly not at this pace.  

Financing and re-financing remain difficult for most buyers, new construction is ramping up and sellers who had postponed selling are not listing their houses; these factors and others will pressure further price increases.

And, let's learn from experience, it prices do continue to increase at these levels, what's that called?  A BUBBLE.  What the nation needs to see is steady increase in housing prices, matching the the rate of inflation or a little more.

Litchfield/Pawleys Island Real Estate Update for April 2013

Just click for the April update

Litchfield / Pawleys Island Market Update - March 2013

For the Litchfield Market / Pawleys Island Update for March 2013:

http://ccarimages.fnistools.com/Uploads/RECos/1207/ContentFiles/pawleysislandlitchfieldmar.pdf