July 2017 Market Update
According to the National Association of REALTORS®, existing home sales grew slightly in the month of May. Low inventory levels supported a healthy median sales price and drove the amount of time the average home spent on the market to a new low of just 27 days.
According to Freddie Mac, 30-year fixed rates ticked down from 3.94 percent to 3.90 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 5.62 million homes during the month of May. This was an increase of 1.1 percent from April and an increase of 2.0 percent from May of last year.
The median home price increased to $252,800 in May, which was up 3.2 percent from April and up 5.8 percent from May of last year. The median home price has increased by approximately $13,900 in the past year alone.
There was a 4.2-month supply of housing inventory in May, which was up 2.4 percent from April. The total number of available homes for sale decreased by 10.6 percent compared to May of last year.
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