March 2017 Market Update
Home sales accelerated this January, reaching the highest levels seen in nearly a decade according to the National Association of REALTORS®. Despite expectations of rising interest rates, depleted inventory, and affordability concerns in many areas, home buyers remained resilient.
Interest Rates
According to Freddie Mac, 30-year fixed rates ticked back down from 4.19 percent to 4.15 percent. While the Federal Reserve and other financial institutions continue to make adjustments cautiously, there is an expectation among investors and economists that rates will soon increase again.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.69 million homes during the month of January. This was an increase of 3.3 percent from December, and an increase of 4.0 percent from January of last year.
Home Prices
The median home price decreased to $228,900 in January, which was down 1.9 percent from December and up 7.1 percent from January of last year. The median home price has increased by approximately $15,200 in the past year alone.
Inventory
There was a 3.6-month supply of housing inventory in January, which was the same as December. The total number of homes for sale decreased by 10 percent compared to January of last year.
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