Cash sales increased in June; VA loan sales claim highest price
There were slight shifts in how existing homes were sold last month in NETAR’s primary region, which includes Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington Co. Tenn.
VA loans continued to have both the highest average and median sales price in June and for the first six months of this year.
Cash sales regained the typical market share in the 30% plus range, conventional loan purchases declined to slightly less than one-half of all sales, while the other “how sold” categories made small increases.
All but the USDA, VHDA, and lease purchase sales had an average dollar value above the list price.
The average for the overall residential sales was +$830.
The largest average sales to list price difference was +$3,000 for the three THDA sales, followed by +$3,521 for the region’s 62 VA loan sales. There was less of an over-list average for the 390 convention loan sales. It was +$683 and +$465 for the 262 cash sales.
Here’s how the share of total sales shook out last month:
- Conventional loans – 49.1%.
- Cash – 33%.
- VA – 7.8%.
- FHA – 7.6%.
- USDA – 1.6%.
- THDA – 0.4%.
- Trade/exchange – 0.3%
- VHDA – 0.1%.
- Lease/purchase – 0.1%.
VA loan sales had June’s highest typical sales price – $307,500. VA loans had the same status for the mid-year typical price trend.
June’s typical conventional loan sales price was $266,000. Conventional loans also lag VA loan sales price performance in the mid-year price trend.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us