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This September you begin to receive the first of my three annual Autumn newsletters. In October you'll receive the Halloween Issue and in November, the Thanksgiving Issue.
December is the Christmas and New Year Issue. Then in January, my annual What's In and What's Out Home Trends Issue to start the new year.
Of course you can always count on a monthly market report to let you know what things look like in the real estate marketplace. Whether it's about the value of your home or an investment property, it is vital to remain in the know.
So stay tuned for great content in the months to come.
This month, articles published in the Curated Content column inspire you to create a cozy home space. There is a selection of great local happenings in the Events section, and with Fall around the corner, the bounty in our Farmers Markets is about to get even more spectacular.
See you around town!
ON THE REAL ESTATE FRONT
The Good News? Mortgage rates have come down!
The data I studied one week as well as one month ago illustrate this trend. Coupled with a higher amount of inventory, these factors deliver a market favorable to Buyers.
The National Association of Realtors Chief Economist Lawrence Yun had this observation:
"Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible home buyers in the upcoming months."
However when it came to Existing Homes Sales, he said this:
"The ever-so-slight improvement in housing affordability is inching up home sales. Wage growth is now comfortably outpacing home price growth, and buyers have more choices."
In comparing today's market to the real estate market during the pandemic which marked a before-and-after in how we observe real estate market data and timelines, he continued with this:
"Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown."
So how may I help you list and/or find your next Home?
CURRENT MORTGAGE RATES AS OF JUNE 30:
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30-year Fixed - 6.51% [last month 6.76% and month before that 6.75%]
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15-year Fixed - 5.60% [last month 5.99% and month before that 5.94%]
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30-year FHA - 6.25% [last month 6.49% and month before that 6.77%]
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30-year Fixed V.A. - 6.04% [last month 7.14% and month before that 6.84%]
MARKET HIGHLIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the Month of July:
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Pending Sales - decreased -0.4% month-over-month [while in the regional South they decreased -0.1%]
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Existing Home Sales - increased by +2.0% - month over month
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Home Prices - increased 0.2% - year over year
Ongoing Challenges:
- Sellers Frozen Into Outgrown Homes Due to Low Interest Rate Lock-In
The month of July continued to trend toward a Buyer's Market with 4.6 months of Inventory.
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