August 2017 Market Update
According to the National Association of REALTORS®, existing home sales dipped slightly in the month of June. While demand for homes remains high, inventory, especially in the starter home category, remains constrained. With so many interested buyers waiting for more homes to become available, now may be the perfect time to sell.
According to Freddie Mac, 30-year fixed rates ticked up from 3.90 percent to 3.96 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 5.52 million homes during the month of May. This was a decrease of 1.8 percent from May and an increase of 0.7 percent from June of last year.
The median home price increased to $263,800 in June, which was up 4.5 percent from May and up 6.5 percent from June of last year. The median home price has increased by approximately $16,200 in the past year alone.
There was a 4.3-month supply of housing inventory in June, which was up 2.4 percent from May. The total number of available homes for sale has decreased by 6.5 percent compared to June of last year.
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