Home Prices Increase

Low inventory and great interest rates are starting to have an impact on home values, as one national home values index showed a small increase in year-to-year home prices.  This is the first increase in over five years.  The most recent RMLS Market report also showed positive movement on price.  Compared with June 2011, average sale price last month grew 4.8%.  The median sales price grew 7.9%.  The Portland Metro area had similar gains with an 8.6% increase in median sales price.

Thinking about selling your home?  Get a free home value report instantly right here.

Read the full article on national home values here.

Snowman Foundation - Open House

Help support an amazing charity and get to hear a live performance by Michael Allen Harrison this weekend at Sherman Clay Pianos.  The Snowman Foundation helps provide access to the musical arts for children who otherwise might not be able to afford it.  It is an incredible foundation and the managing director is one of my previous clients.  It's a cause well worth supporting!

Distressed Property Stats

Last week the RMLS released quarterly stats regarding distressed property sales.  Distressed properties are either short sales or bank-owned homes and have a negative impact on home values.  Here's a quick summary of the numbers:

• In the second quarter of 2012, the number of new listings that were non-distressed properties increased from 71.2% to 81.2%. 
• The percentage of short sales dropped from 15.0% to 9.9%, while bank owned listings dropped from 13.9% to 8.9%. 
• Non-distressed property sales as a percentage of all transactions also increased from 61.1% to 69.9%. 
• The overall number of new listings and sales also increased.  There were 14,565 new listings from January to the end of March compared with 17,817 new listings from April through June.  Closed transaction increased from 7,621 to 10,540.

If this trend continues it will have a positive impact on home values in the Portland and Vancouver markets.  Many buyers view bank-owned houses as the best value on the market, and competition for the new listings has risen, increasing the number of multiple offer situations.  Buyers looking for a bargain should be receiving updated bank-owned listings daily or they risk missing out on an opportunity.  If you'd like to receive a daily updates with new bank-owned homes, send me an e-mail at johnblom@hasson.com.

Source RMLS Blog: www.rmlsbenefits.com