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Fox Valley Market Trends - August 2017

Local Housing Market Report

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)


National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.


Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.


Existing Home Sales By Region


NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."


Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.

  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.

  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.

  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

 

St. Charles Housing Market Statistics

Median Home Price: $489,000

4 Bedrooms/3 Bathrooms

Average Square Footage: 3,276

Price per Square Foot:  $149

Number of Homes on the Market: 633


 

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.



While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.



A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!



 

Back 2 School in the Fox River Valley!

School buses will once again be filled with students throughout the Fox River Valley! That’s right! It is time to head back to school! Make sure those backpacks are packed before the first bell! Here is a list of the first day of school for all local public school districts.


 

Batavia Public School District 101 | 335 West Wilson Street, Batavia

First Day of School: Wednesday, August 16th

2017 - 2018 District Calendar


Community Unit School District 308 | 4175 Route 71, Oswego

First Day of School: Wednesday, August 16th

2017 - 2018 District Calendar


East Aurora School District 131 | 417 Fifth Street, Aurora

First Day of School: Monday, August 28th

2017 - 2018 District Calendar


Geneva CUSD 304 | 227 North Fourth Street, Geneva

First Day of School: Wednesday, August 23rd

2017 - 2018 District Calendar


Indian Prairie School District 204 | 780 Shoreline Drive, Aurora

First Day of School: Thursday, August 24th

2017 - 2018 District Calendar


Kaneland CUSD 302 | 47W326 Keslinger Road, Maple Park

First Day of School: Wednesday, August 23rd

2017 - 2018 District Calendar


School District U-46 | 355 East Chicago Street, Elgin

First Day of School: Wednesday, August 16th

2017 - 2018 District Calendar


St. Charles CUSD 303 | 201 South 7th Street, St. Charles

First Day of School: Wednesday, August 23rd

2017 - 2018 District Calendar


West Aurora School District 129 | 1877 West Downer Place, Aurora

First Day of School: Wednesday, August 16th

2017 - 2018 District Calendar  


The Rullo Team hopes all Fox River Valley students have a successful and fun 2017-2018 school year!!!

Contact Information

Photo of Alex & Vicky Rullo Real Estate
Alex & Vicky Rullo
RE/MAX All Pro
505 W. Main Street
St. Charles IL 60174
Phone: 630-513-1771
Mobile: 630-272-4310