Chicagoland NW Real Estate & Community: Latest Real Estate Figures From NAR for July 2010

Ok so we have just said that 2nd quarter Metro data is great right? NAR now have released their July 2010 figures, but the results are not as good as you might thing as it first may seem. Home sales grew thanks to the surge of buyers trying to get in to qualify for the homebuyer tax credits at the last minute but dropped sharply afterwards thanks to a false market.

However, do not despair there is definitely some great news in this lastest NAR release.

Lawrence Yun, NAR’s Chief Economist has said that slightly lower numbers may continue for a few more months after the surge of buyers but that they should level out due to the high level of affordability. In particular mortgage rates which are according to Freddie Mac below 4.5% last week for a traditional 30 year loan – can you believe that? It really is amazing!

In terms of sales there is actually some good news – if you look at 2010 as a whole, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year and then projected stability for the latter part of the year. To place that in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years meaning that overall 2010 is one of the best years in decades for home sales!

How about prices? Well there is some interesting national news on prices! The national median existing-home price for all housing types was up 0.7% from a year ago, Single-family median existing-home prices were higher in 11 out of 19 metropolitan statistical areas reported in July in comparison with July 2009. Which is important, showing price stability and potential future growth. So buyers reading this – current affordability levels are unlikely to continue for much longer!

Raw unsold inventory is 12.9% below July 2008 numbers which was the record, showing that things overall are trending in the right direction. The level of investor purchases also increased with investors accounting for 19% of sales in July, up from 13% in June.

I am the eternal optimist – on the face of it, NAR’s release looks negative but there is more too it than meets the eye! So despite a pause in the trend of home sales increasing the figures show that now is the time to invest in Northwest Chicagoland Real Estate!

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194