About the Cedar Lake, Crown Point and Lowell Real Estate Market
 

Sales of existing single-family homes set another record in June, with an improving economy and favorable affordability conditions helping to satisfy a strong market demand, according to the National Association of REALTORSŪ. 

Existing-home sales rose 2.1 percent in June to a seasonally adjusted annual rate of 6.95 million units from an upwardly revised level of 6.81 million units in May, which was the previous record. Last month's sales activity was 17.4 percent above the 5.92-million unit pace in June 2003. 

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.29 percent in June, up from 6.27 percent in May. It was 5.23 percent in June 2003, which was the lowest since Freddie Mac started tracking mortgage interest rates in 1971. 

Housing inventory levels at the end of June slipped 0.8 percent from May to a total of 2.40 million existing homes available for sale, which represents a 4.1-month supply at the current sales pace. 

The national median existing-home price was $191,800 in June, up 9.6 percent from June 2003 when the median was $175,000. The median is a typical market price where half of the homes sold for more and half sold for less. 

Regionally, existing-home sales in the Midwest rose 3.5 percent in June to a record annual rate of 1.46 million units, and were 11.5 percent higher than June 2003. The median price in the Midwest was $156,600, up 7.0 percent from a year ago. 

Other good economic news is that the Commerce Department reported that construction of new homes and apartments rose by 8.3 percent in July. The bigger-than-expected gain pushed housing construction to an annual rate of 1.978 million units last month, making up lost ground from a 7.7 percent declining housing starts in June 

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