August 10, 2015 Ralph Ragette

In the June 2015 REALTORS® Confidence Index Survey Report 61 percent of REALTORS® reported rising home prices compared to only 43 percent in December 2014 (60 in May 2015; 68 in June 2014). About 16 percent of sales reported by the respondents sold at a net premium over the listing price, compared to 11 percent of sales sold at a net premium earlier this year.

Strong demand for homes amid tight supply has pushed up prices. While rising prices are lifting homeowners out of negative equity positions, the strong price recovery amid modest growth in incomes is also making homes less affordable. Still, homes are generally affordable in May 2015, the median family income of $66,608 was higher than the necessary qualifying income to purchase a house of $41,712.

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Posted in Economist Commentaries, by on August 5, 2015

Ralph Ragette

Ralph Ragette, Ragette Real Estate. Ralph is a 5th generation Realtor in Westchester County New York. His firm was started by his great-great grandfather in 1885.