MUSTANG REAL ESTATE MARKET REPORT JULY 2016
MUSTANG OK 73064
AS OF JULY 22, 2016
INFO THAT HITS US WHERE WE LIVE … More Americans appear to be spending some of what they earn on real estate. In June, Existing Home Sales grew to a 5.57 unit annual rate, a nine-year high, and 3% up from a year ago. This was the fourth month in a row sales went up, showing continued strength. Even better, the share of first-time buyers hit its highest level in four years, an important development for the market. Supply, however, is still tight, with inventories down 5.8% from a year ago, making demand so strong that 48% of homes sold in less than a month. This pushed up the median price, but that ought to bring more sellers to market.
Supply should also be helped by the trend we’re seeing in home building activities. Housing Starts headed up 4.8% in June, hitting a 1.189 million annual rate. Adding this to the prior two months, the rate of starts in the second quarter was the fastest in nine years. Going along with this nicely, Building Permits bumped up in June to a 1.153 million annual rate, with permits for single-family units up 5.1% versus a year ago. The NAHB index of home builder confidence slipped a point in July, but at 59 is well above 50, showing expansion. Finally, the FHFA index of prices for homes bought with conforming mortgages rose 0.2% in May, up 5.6% from a year ago.
- The average property in Mustang has been on the market for about 120 days
- The median price per square foot for homes in Mustang is about $116
- There are about 150 properties on the market in Mustang
- The median single family home price for Mustang, OK is $232,985
- With a Market Action Index as of July 22 2016 at 29.69 (MAI Index – over 30 indicates Sellers Market; below 30 Buyers Market)
So there you have it, my Dear Reader, Mustang Real Estate Market Report July 2016.
Did you notice that the price per square foot has been steadily going up? The cost of building materials drives it up.
Also, we are in a balanced market this summer. However, the MAI Index is leaning slightly toward Buyer’s Market.
Are you ready to make a move? Be happy to assist you, your family & friends in a home search or sale.
Looking forward to hearing from you!
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