|May 2017 Market Update|
Home sales surged ahead in March, reaching the fastest pace in over 10 years according to the National Association of REALTORS®. Despite ongoing inventory constraints in many parts of the country and a healthy, growing median home price, homes are selling at a rapid rate as buyers scoop up available properties.
According to Freddie Mac, 30-year fixed rates ticked down from 4.23 percent to 4.03 percent. This rate remains well below the historical average of 8.90 percent.
|The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.7 million homes during the month of March. This was an increase of 4.4 percent from February, and an increase of 6.5 percent from March of last year.|
|The median home price increased to $236,400 in March, which was up 3.6 percent from February and up 6.7 percent from March of last year. The median home price has increased by approximately $14,900 in the past year alone.|
|There was a 3.8-month supply of housing inventory in March, which was flat compared to February. The total number of available homes for sale decreased by 13.6 percent compared to March of last year.|
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