After months upon months of home inventory shortages amid a frenzy real estate market, light is visible at the end of the real estate tunnel. Inventory is slowly improving and it couldn’t have come at a better time.
The boost in home availability is helping home sales rebound following a minor setback over the last few months. Home sales jumped by 1.4 percent in May after four consecutive months of declines. Year over year, home sales leaped by nearly 23 percent. About 5 million homes were sold in June, which coincided with the increase in home availability. Inventory is up by 3.3 percent, totaling about 1.25 million available units in June.
The uptick in inventory is fueled by new home construction and more home listings by current homeowners. Meanwhile, home sales continue to outperform pre-pandemic levels.
The market is also bearing a 2.6-month supply, a slight improvement from earlier this year. On average, though, homes sold in about 17 days in June. Nearly 90 percent of all homes on the market sold in under 30 days. This performance aligns with previous months in 2021. First-time buyers accounted for about 31 percent of the real estate activity.
Low mortgage rates, a growing economy and a strong desire for homeownership are big reasons for the market’s ongoing success and fierce competition.
Even as housing inventory improves, standing out in today’s market remains a challenge. There are strategies, however, that future homeowners can implement right now to get ahead of the game. And it begins with the right team and right mortgage program.
Our team offers a wide range of game-changing real estate mortgage products, from fixed-rate, FHA, VA and other types, that can help you land the home of your dreams.
The FHA loan, for instance, is backed by the federal government and therefore is more accessible to more borrowers. With lenient terms, purchasing a home is made less stressful to more people. As an FHA borrower, you can come in with a lower down payment and reasonable credit standing to get approved.
A VA loan is another powerful tool available to individuals who proudly serve our country. The VA loan doesn’t require a down payment and is just as potent as any other loan on the market.
We also offer conventional loans with fixed or adjusted rate terms that can also put you ahead.
Please contact us today to learn more about the slowly shifting real estate market and the loan program that can help you achieve your goals of affordable homeownership.