In May, the real estate market showed steady signs of growth. When the weather heats up, typically the real estate market follows and this year is no exception. The numbers for homes sold in the area have outpaced last year’s figures and the median home prices have continued to show strong totals. Despite much speculation, mortgage rates have maintained a consistent total, hovering right around 4%. Let’s take a deeper look at the numbers to get a clearer picture of the market right now in the Ozarks.
For the past several months, inventory has been lower than last year’s totals. May was no different. The supply of homes is lower than it was this time last year, which bodes well for sellers. With fewer homes on the market, inventory usually moves faster. That’s true of our market right now in the Ozarks. As you can see from the figure above, the rate of homes under contract and sold are similar to 2016 figures despite a lower number of homes available.
A steady increase in the median sale price of homes in the Ozarks is a great sign for sellers. The median list price dipped a bit last month, but is still higher than it has been since last year.
Setting a record for this year, there were 950 new listings last month, narrowly edging out the total from March.
Largely unchanged over the past few months, interest rates have hovered around 4% and continue to sit right around that number for this month. There has been speculation of a raised rate since before the presidential election, but we have yet to see one of any significance. It’s still a great time to get a mortgage in the Ozarks.
To put things in perspective, we like to remind people of the history of mortgage rates in the country. They’re much lower than they were over the past few decades, despite ticking up in the past year.
If you’re in the market now, give us a call at 417-823-2300 and check out what’s on the market now at the top of your screen!