Real Estate Market

Fox Valley Market Trends - October 2019

National Real Estate Overview

U.S. Real Estate Overview

Note: August 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales inched up in August, marking two consecutive months of growth according to the National Association of Realtors®. Three of the four major regions reported a rise in sales, while the West recorded a decline.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) rose 1.3% from July to a seasonally adjusted annual rate of 5.49 million in August. Overall sales are up 2.6% from a year ago (5.35 million in August 2018).


National Association of Realtors August 2019 Data

Lawrence Yun, NAR’s chief economist, attributed the increase in sales to falling mortgage rates. “As expected, buyers are finding it hard to resist the current rates,” he said. “The desire to take advantage of these promising conditions is leading more buyers to the market.”

 

The median existing-home price for all housing types in August was $278,200, up 4.7% from August 2018 ($265,600). August’s price increase marks the 90th straight month of year-over-year gains.

Total housing inventory at the end of August decreased to 1.86 million, down from 1.90 million existing-homes available for sale in July, and marking a 2.6% decrease from 1.91 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, down from 4.2 months in July and from the 4.3-month figure recorded in August 2018.

Properties typically remained on the market for 31 days in August, up from 29 days in July and in August of 2018. Forty-nine percent of homes sold in August were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.62% in August, down from 3.77% in July. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 31% of sales in August, down from 32% in July and equal to the 31% recorded in August 2018. 

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!

 



Decorate Your Home For The Gallery of Ghoulish Homes Tour!

Time to get spooky! Get in the Halloween spirit and turn your St. Charles home into a frightful delight for the 2019 “Best in St. Charles” Gallery of Ghoulish Homes Tour!!!

 

Whether you participate in this favorite annual event our not, be sure to check out the spookiest homes in the Fox Valley area beginning Friday, October 18th, through Halloween night! See the best ghoulish displays every evening at dusk until 10:00 pm. Find the Free Home Tour Guide online HERE starting on opening night.

 

 

SPECIAL TOUR DATES

  • Preview Night | Friday, October 18th

    • Opening night and last chance for homeowners to make changes before judging.

  • Judging Night | Saturday, October 19th

    • Best night to see the homes! Judging by contest committee begins at dusk.

 

AWARD CATEGORIES

  • Eeriest Haunt (w/o actors)

  • Craftiest Creeper

  • Best Rookie

  • Best Actors (1-6 ghouls)

  • Best Actors (7+ ghouls)

  • Best Youth Actors (ages 18 & under)

  • Family Fun

  • Judges’ Favorite

  • People’s Choice (determined by online voting between October 20th and November 1st)

 

REGISTRATION INFORMATION

Register your home today! Fill out the entry form by 5:00 pm on October 13th. Contact Katie Miller at (630) 513-4390 for more information. The Halloween House Decorating Contest is open to all St. Charles residents along with those living within the St. Charles Park District’s boundaries.


 

HAPPY DECORATING!

 

Image Credit: St. Charles Park District