Want to know what’s up in real estate going into the holidays? Just keep reading!
November 2018 Market Update
According to the National Association of REALTORS®, existing home sales declined in September after a month of stagnation in August. This is the lowest rate recorded since November 2015. Modest increases in mortgage rates may be preventing some consumers from making quick decisions on home purchases.
According to Freddie Mac, 30-year fixed rates increased to 4.85 percent in September from 4.65 percent in August. 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 5.15 million in September, down from 5.33 million in August, and 4.1 percent below the 5.37 million sales pace from a year ago.
The median home price increased to $258,100 in September, up 4.2 percent from September 2017. The median home price has increased by approximately $10,500 in the past year alone.
There was a 4.4-month supply of housing inventory in September, up since August. The total number of available homes for sale has increased by 4.8 percent compared to September of last year.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.
Copyright 2018 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated.