Home prices are up nationwide with the median price of $374,400. Overall 769,000 houses were sold and 330,000 new homes are available (source). See below for more home and mortgage stats from May 2021.
How much does it cost to buy a house?
It’s getting very difficult to find any homes listed under $150,000, and in May, it was very difficult (but not impossible) to even find a home under $199,000. Home prices vary greatly by region, but nationally, home prices since last May have increased (17.95%).
How long are houses staying on the market?
May 2021 had an average of 16 days on the market (down 58% in since May of 2020). If we figure each house spends 10-ish days in inspection, appraisal, and completing contingencies – that means a house was on the market an average of six days before it moved to pending.
Source: https://www.redfin.com/us-housing-market#overview
How long it takes to close a home loan
If we just look at purchase loans, it took Mann Mortgage an average of 43 days to close a loan. That’s 10 days faster than the national average of 53. Overall, in the past year, loans are taking longer to close this past May than they did in May 2020.
Source: https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports
Interest rate on a mortgage
It’s not as low as it was a few months ago, but interest rates continue to be historically low. Jun 1, 2021 saw an average of 2.88% on a 30-year fixed loan, which is still incredibly low.
Homes under construction
In May, 100,600 privately-owned housing unit permits were issued. That’s up from 67,500 in May 2020. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.
If you have any questions about the market or wonder what your interest rate might be, reach out to your local Mann Mortgage lender. They can give you the scoop on your local market and what you can do to pay off your mortgage faster, reduce your interest rate, or find a new home for your next step in life.