Posted
This Month in Real Estate
 
December 2018 Market Update
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Monthly Video

 

According to the National Association of REALTORS®, existing home sales increased in October after six consecutive months of decline. Buyers are stepping back into the housing market with an increasing number of homes for sale.

 
Interest Rates
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Interest Rates

 

According to Freddie Mac, 30-year fixed rates decreased slightly to 4.81 percent in October from 4.85 percent in September. This rate remains well below the historical average of 8.90 percent. 

 

 
Home Sales
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Home Sales Graph
 
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.22 million in October, up from 5.15 million in September, and 5.1 percent below the 5.5 million sales pace from a year ago. 
 
 
Home Prices
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Home Price Graph
 
The median home price increased to $255,400 in October, up 3.8 percent from October 2017. The median home price has increased by approximately $9,400 in the past year alone. 
 
 
Inventory
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Inventory Graph
 
There was a 4.4-month supply of housing inventory in October, stable since September. The total number of available homes for sale has increased by 12.8 percent compared to October of last year.