October 2017 Market Update
According to the National Association of REALTORS®, existing home sales fell slightly in the month of August. In spite of gains in the job market, rising incomes and strong demand, limited inventory is pushing up prices and edging out certain buyers.
According to Freddie Mac, 30-year fixed rates ticked down from 3.86 percent to 3.83 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 5.35 million homes during the month of August. This was a decrease of 1.7 percent from July and an increase of 0.2 percent from August of last year.
Home PricesThe median home price decreased to $253,500 in August, which was down 1.8 percent from July and up 5.6 percent from August of last year. The median home price has increased by approximately $13,500 in the past year alone.
InventoryThere was a 4.2-month supply of housing inventory in August, which was flat from July. The total number of available homes for sale has decreased by 6.7 percent compared to August of last year.
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