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Monthly Newsletter from Sandi Pressley

Real Estate Overview

Note: July 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales strengthened in July, a positive reversal after total sales were down slightly in the previous month, according to the National Association of Realtors®. Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) rose 2.5% from June to a seasonally adjusted annual rate of 5.42 million in July. Overall sales are up 0.6% from a year ago (5.39 million in July 2018).

“Falling mortgage rates are improving housing affordability and nudging buyers into the market,” said Lawrence Yun, NAR’s chief economist. However, he added that the supply of affordable housing is severely low. “The shortage of lower-priced homes have markedly pushed up home prices.”

The median existing-home price for all housing types in July was $280,800, up 4.3% from July 2018 ($269,300). July’s price increase marks the 89th straight month of year-over-year gains.

Total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing-homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from the 4.4 month-supply recorded in June and down from the 4.3-month supply recorded in July of 2018.

Properties typically remained on the market for 29 days in July, up from 27 days in June and up from 27 days in July of 2018. Fifty-one percent of homes sold in July were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.77% in July, down from 3.80% in June. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 32% of sales in July, down from 35% the month prior and about equal to the 32% recorded in July 2018.

The Best Mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today.

Take advantage of our experience! Contact us for a list of preferred mortgage professionals in our area -- pros we know will serve your interests well. Our experience can really help when it comes to finding the right mortgage professional and then getting the right mortgage for your situation.

Get Ready For the Greatest Hot Air Balloon Show in the World

There's simply no other festival like it in the world. It's the Albuquerque International Balloon Fiesta® and it's coming up next month on October 5-13. This beautiful time of the year is only made more amazing with the sight of hundreds of colorful balloons in the air. But this fiesta is not all just a bunch of hot air. There's so much going on during these 9 days to keep everyone from around the world in amazement.

Just the opening day on Saturday brings non-stop action and fun. Starting at the crack of dawn at 6am is the Dawn Patrol Show and the Krispy Kreme Morning Glow at 6:30am. The opening ceremonies at 6:45am kick off the breathtaking Mass Ascension where all of the balloons will be launched, filling the Albuquerque skies with stunning colors.

And while the balloons are aloft, there's plenty to do on the ground, with the AIBF Chainsaw Carving Exhibition & Auction, America's Challenge Gas Balloon Inflation, Team Fastrax Sky Divers, America's Challenge Gas Balloons Launch, and capping off with the AfterGlow™ Fireworks Show. And this is all just on the opening day!

Since this event is hosted by Canon, there will be a photo contest where you can show off your balloon photography prowess. And since half the fun of balloons is all the shapes they come in, the most popular event is the Special Shape Rodeo where all sorts of characters come to life in the sky.

In all, there will be 550 balloons with 650 pilots from around the world. Over 880,000 people will be there to witness this amazing spectacle.

You can get all the details at Don't miss out on this world-famous Albuquerque event!

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