According to data provided by Redfin, home prices rose for the third consecutive month in June. The data indicated that US home prices reached a median value of $321,200, which is 3.4% higher from a year ago. Capitalizing on their home’s appreciation, on average, home sellers saw a 33.9% return on their investment in the second quarter of 2019, according to the latest report from ATTOM Data Solutions. That percentage translates into $67,500 profit on their home’s sale. This is up from last quarter, where the average return was 31%.
Analysts believe there is a 77.5% probability that the Federal Reserve will cut interest rates at their next meeting on July 30th and 31st. While it is widely expected that the rate cut would be .25%, analysts believe there is a 20% chance that the Fed cuts rates by .50%. A cut to interest rates would be a welcome benefit to buyers looking to purchase a home during what is widely considered an ultra-low interest rate environment. Current homeowners who are looking to refinance their current homes, or take cash-out via a cash-out refinance would also reap the rewards if the Fed decides to cut interest rates.
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Sources:
https://bit.ly/2ZhDc2c
https://bit.ly/2GjWTz8
https://bit.ly/2MjgQd8
By: Jon Iacono
