Team Thayer Property Servicing

Home prices rose in almost all metro areas in the U.S. mostly due to the increase in home sales during Q2, according to the  latest quarterly report by the  National Association of Realtors  (NAR). Despite low inventory levels, the median existing single-family home price increased in 93 percent of measured markets, with 163 out of 176 metropolitan statistical areas (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Meanwhile, only 13 areas recorded lower median prices from the previous year. "Steady rent increases, the slow rise in mortgage rates, and stronger local job markets fueled demand throughout most of the country this spring," said Lawrence Yun, NAR's chief economist. "While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas." According to the NAR, price gains were recorded in 85 percen...

The housing market is slowly but surely inching closer to normal levels with the help of economic and job growth. According to the  National Association of Home Builders  (NAHB)/ First American Leading Markets Index  (LMI) released Thursday, markets in 75 of the approximately 360 metro areas nationwide have returned to or exceeded their last normal levels of economic and housing activity in the second quarter of 2015. This is an increase of 13 markets year-over-year. “The markets are gradually improving and economic and job growth continue to strengthen, which bodes well for housing for the remainder of the year,” said Tom Woods, NAHB chairman and a home builder and developer from Blue Springs, Missouri. The NAHB reported that the index's score increased on point to .92, which means that the nationwide average is at 92 percent of normal economic and housing activity. Although this increase may seem marginal, this one point rise up places the market closer to the...