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This Month: Summer BBQs and Backyard Fun!
This month there are so many great events to attend in our community and since it is July, there are about 3 Christmas in July events to get you ready for the Winter holiday season. You may bump into me!!!!
My selected articles this month center on Summer entertaining and outdoor fun. Hope you enjoy these and that they add even more happiness to the time spent with those with who you get to share your Summer.
On the Real Estate Front
On the National front, there was a slight drop in May's Pending Home Sales as well as in Existing Home Sales, while the Median Home Sales Prices continued to increase by 5.8% compared to May of 2023.
On the subject of Pending Home Sales, Lawrence Yun, the Chief Economist at theNational Association of Realtors made this important statement:
"The market is at an interesting point with rising inventory and lower demand. Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.”
So this expectation bodes well for the market.
However the National Association of Realtors predicts that though the mortgage rates may come down somewhat, they will remain at around 6% for 2024 and 2025 which is fairly normal when looking at historical data on mortgage interest rates.
For buyers, with an uptick in supply, this offers you the chance to visit more properties before deciding on your next home. So if looking to buy a new home, there is no time like the present because though price increases may ease, they are not expected to depreciate.
Conversely, according to the National Association of Realtors, new home prices ARE expected to appreciate.
If I can help you list your home, or find a new one, as always, I would love the opportunity to work with you on this important journey HOME!
Friends, always remember that buying a home is not only an investment towards your future, but a opportunity that helps you build equity, affords you stability, you can tap into fixed interest rates, and offers you potential tax-deductions.
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 MAY
- Pending Sales - decreased by 2.1% month over month [while in the regional South they decreased by 5.5%]
- Existing Home Sales - decreased by 0.7% - month over month
- Home Prices - increased 5.8% - year over year
Continuing Challenges:
- Interest Rates
- Affordability
- Inventory Shortages
- Insurance Rates
The month of May continued to trend toward a Sellers Market with 3.7 months of Inventory.
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