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Posted on July 23, 2015
Following a national trend, existing home sales in Leon county surged in June. Reports indicate there were 349 single-family home sales in June for an average price of $216,622.
The average monthly sales of single-family homes over the previous 12-months was 223.
At the national level, the National Association of Realtors (NAR) reported that “existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high.”
Lawrence Yun, NAR chief economist, says backed by June’s solid gain in closings, this year’s spring buying season has been the strongest since the downturn. “Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” he said. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”
Adds Yun, “June sales were also likely propelled by the spring’s initial phase of rising mortgage rates, which usually prods some prospective buyers to buy now rather than wait until later when borrowing costs could be higher.”
The chart below shows that the June surge in Leon county helped increase the annual rate of single-family home sales for the 9th consecutive month to a level of 2,770 sales. The current trend began in October, 2014.
The annual average sales price fell slightly from $224, 217 for the previous 12-month period to $223, 146. However, as the chart below shows, the average sales price of single-family homes has been trending upward since November, 2014.