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Mark Hemingway

Mortgage Market Update for July 24th

Monday, July 27, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The Census Bureau reports that New Home Sales rose nearly 14% in June from May to an annual rate of 776,000, the highest level since 2007. Sales increased by almost 7% from June 2019. The median sales price of new houses sold in June 2020 was $329,200. The average sales price was $384,700. Inventories are running low at 4.7 months. Sales skyrocketed by nearly 90% in the Northeast with gains seen in the Midwest, South and West.

Profits on home sales spiked in the second quarter of 2020 despite the fallout from the pandemic. ATTOM Data Solutions reports that U.S. home seller profits rose to 36% in Q2 2020. In Q2 2020, home sellers saw a gain of $75,971 from a sale, above $66,500 in Q1 2020 and from $65,250 in Q2 2019. The $75,971 represents a 36% return compared to the original purchase price. "Profit margins hit new records as prices kept climbing, with few indications that the impact of the virus would topple the market," said Todd Teta, chief product officer at ATTOM Data Solutions.

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