8-1-24 Understanding Current Mortgage Rates and Market Trends in North-East Texas
90-Day Market Analysis: Collin, Dallas, Henderson, Hunt, Kaufman, Rains, Rockwall Counties
Key Statistics (90-Day Trend):
Total Closed Sales Count: 6,732 (up trend 19%)
Total Closed New Construction Sales Count: 1,011 (down trend -10%)
Total Closed Re-Sales Count: 5,566 (up trend 24%)
Average New Construction Sales Price: $350,451 (up trend 3%)
Average Re-Sales Price: $323,186 (up trend 9%)
Average Sales Price per SqFt: $141 (up trend 4%)
Market Analysis:
The market across Collin, Dallas, Henderson, Hunt, Kaufman, Rains, and Rockwall Counties has shown robust activity over the past 90 days. There has been a notable increase in total closed sales, driven primarily by a significant uptick in re-sales, which have seen a 24% increase. This indicates strong demand in the existing home market.
New construction, however, has experienced a slight decline in sales volume by 10%, despite an increase in average sales price by 3%. This suggests builders are facing challenges in meeting demand or buyers are shifting preferences towards established homes.
The average sales price across the board has shown healthy appreciation: re-sales have risen by 9% to $323,186, while new construction prices have increased by 3% to $350,451. The average price per square foot has also seen a modest rise of 4%, indicating overall value appreciation in the market.
Projected Outlook:
Looking forward, the market is expected to remain active with continued demand for re-sale properties driving sales volumes. Factors such as stable mortgage rates, although subject to change, and favorable economic conditions in these counties are likely to support ongoing growth in home prices. Prospective buyers should consider obtaining professional advice for personalized mortgage solutions and market insights.
Mortgage Rate Overview:
When exploring mortgage options, it's essential to understand how various factors like credit score, loan-to-value (LTV) ratio, and loan type can influence the interest rate and annual percentage rate (APR) you're offered. Below are generalized examples based on current market trends, which may vary between lenders.
Conventional 30-Year Mortgage:
Interest Rate: 6.125%
Credit Score: 780
LTV: 75%
Loan Amount: $400,000
APR: 6.292%
FHA 30-Year Mortgage:
Interest Rate: 6.000%
Credit Score: 660
LTV: 96.5%
Loan Amount: $400,000
APR: 6.317%
VA 30-Year Mortgage:
Interest Rate: 6.000%
Credit Score: 660
LTV: 100%
Loan Amount: $400,000
APR: 6.308%
Disclaimer: These rates are generalized estimates and may differ across various lenders. If you're ready to start the pre-approval process or have questions about your loan options, I can connect you with trusted mortgage professionals for personalized advice.
Market Trend Summary:
Over the past 90 days, the real estate market in Collin, Dallas, Henderson, Hunt, Kaufman, Rains, and Rockwall Counties has shown strong momentum, particularly in the re-sale segment, which has seen a 24% increase in closed sales.
New construction, while experiencing a 10% decline in sales volume, continues to appreciate in value, with a 3% increase in average sales prices.
Both re-sale and new construction prices have risen, reflecting a competitive market with high demand. The average sales price per square foot also increased by 4%, indicating overall market growth.
For personalized market insights and guidance on your home buying journey, feel free to reach out.
Looking for a trusted real estate agent in Texas? Amanda Allen is dedicated to helping clients buy and sell homes with personalized, attentive service. Known for going above and beyond, Amanda doesn’t just manage transactions—she gets her hands dirty to ensure your home is market-ready. Whether it’s helping with the move-out process, painting walls, staining wood, or cleaning baseboards, Amanda offers services that most agents leave to outside professionals. Every family has unique needs, and Amanda earns her commission by providing a level of care and commitment that’s rare in the industry. She’s all in, and it shows.
Amanda Allen, Coldwell Banker Realtor
(903) 603-0648
www.AmandaAllenHomes.com for hundreds of Real Estate Articles & Market News!
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