Keep on top of the local and national real estate markets by subscribing to The Allmanac, a weekly summary of industry news curated by Allie Beth Allman & Associates.

Single-family home purchase prices continue to soar as inventory and home sales continue to drop, according to the latest Existing Home Sales Report from the National Association of Realtors.

Home sales were down by around 5% in August. Sales were down 17% in July and 3% in June from the same periods in 2020. The purchase price of homes, however, continues to rise. They are up nearly 19% from August 2020. Inventory continues to be the challenge in DFW, with home listings down nearly 60% from last August.

The area median sales price in August was $345,000, down from a record $350,000 in June, but up from $290,000 in August 2020.

Another good sign for the real estate market is the lack of foreclosures, according to real estate analysts at the Mortgage Bankers Association of America.

While millions of people across the country have been saved from foreclosure during the pandemic, experts don’t expect a surge of foreclosures after moratoriums end. Home foreclosures have been a rarity in the past year. Only 3% of U.S. home loans were in forbearance at the end of August. That’s about 1.6 million people.

Fewer than 600 DFW properties faced potential foreclosure in this quarter.

To subscribe to The Allmanac, visit the website

Source Google News