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Affordability in Perspective
The Numbers That Drive U.S. Real Estate
1. Home Sales
2. Home Price
3. Months Supply of Inventory
4. Mortgage Rates
4.93M homes sold in 2014—a slight drop from last year. This can be attributed to the slow start in the first quarter, as well as the drop in distressed sales and investor activity.
Monthly The year started slow but returned to a healthy trend once we moved out of the first quarter and into the summer. Annual Median price in the United States for 2014 was $208,500, an increase of 5.8%. We appear to be nearing the end of the bounce-back effect on home prices and are moving back to a long-term growth path. On an annual basis home prices appreciated 5.8% for 2014, returning close to the long term average as we predicted last year.
Annual Inventory loosened in 2014, helping ease price growth back to sustainable levels.Mortgage rates averaged 4.17% in 2014, up 19 basis points from last year’s average. Monthly Rates balked most economist predictions and trended downward for most of 2014.
The percentage of a typical family’s income increased only slightly in 2014, helped by the fall in interest rates and the slower growth in home prices.
Despite the small increase in 2014, affordability remains well below the historical average due to low interest rates.
Contact Home Selling Consultant Allison Pierce by calling or texting 901-489-1840
A Few Recent Home Sales:
SOLD 104% OF ASKING PRICE IN LESS THAN 24 HOURS - Midtown
SOLD 108% OF ASKING PRICE IN 10 DAYS - High Point Terrace
SOLD 99% of List Price in 7 Days. - Cordova
Looking for the same results? To schedule your free home evaluation and Midtown Memphis area home selling consultation, homeowners may contact Allison Pierce directly by calling 901-489-1840 or emailing AllisonPierce@KW.com,