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| December 2018 Market Update |
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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. |
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| Interest Rates |
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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. |
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| Home Sales |
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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.
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| Home Prices |
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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.
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| Inventory |
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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.
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