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houses in a neighborhood

Housing market update: August 2021

Home prices went down this month nationwide with the median price of $361,800 ($12,600 less than in May). Overall 676,000 houses were sold and 353,000 new homes are available (source). See below for more home and mortgage stats from June 2021.

How much does it cost to buy a house?
It’s incredibly hard to find any homes listed under $150,000. In fact, there are three times more $750,000+ houses available than homes priced $150,000 – $199,000. Home prices vary greatly by region, but nationally, home prices since last June have increased (8.62%).

Source: https://www.census.gov/construction/nrs/pdf/newressales.pdf

How long are houses staying on the market?
June 2021 had an average of 14 days on the market – the lowest it’s been all year. 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 four days before it moved to pending.

The number of days between when a home was listed on the market until the seller signed a contract for the sale of the property.
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 6 days faster than the national average of 49. Overall, loans are taking a little longer to close than they did in June 2020.

This is the time it takes from the loan application to its funding.
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. August 1 saw an average of 2.77% on a 30-year fixed loan, which is still incredibly low.

Source: http://www.freddiemac.com/pmms/

Homes under construction
In June, 111,100 privately-owned housing unit permits were issued. That’s the highest it’s been in the past 12 months. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.

Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf
Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf

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.

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