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Summer 2010 Market Update
Market Commentary Provided byTeresa Cline Associate Bro Associate Bro Prices still affordable |
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| Average Home Price | $150,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 10-15% |
| Average Time on Market | 0-30 days |
| Prices As % of Asking Price | More than 100% |
| Existing Home Prices for the past 90 days are? | |
| Market Trend | Activity up from last year |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Seller Activity for the past 90 days in Newport News is? | |
| Multiple Offers? | Yes |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | |
| Is Financing Available For Qualified Buyers? | |
| Housing Inventory | Very tight |
| Greatest Activity | Move-up buyers |
| Reason to Buy/Sell | Demand exceeding supply |
| Nearest Metro Area | Newport News / Norfolk, VA |
| Housing Hot Spots | Area-wide |
| Average Sold Price | $150,000 - View Graph Trend |
Newport News Local News
Local Summary: Average home prices are far below the national average and are attracting more buyers than sellers, even though the market has experienced 10-15% appreciation in the past 12 months. Move-up buyers appear to be most active.
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Teresa Cline Associate Bro Associate Bro
Liz Moore and Associates Realtor |
757-643-7967 |
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