June 2018 Market Update
According to the National Association of REALTORS®, existing home sales declined during the month of April after two consecutive months of growth. While demand remains high, the lack of available homes on the market in many parts of the country has kept housing growth at a slower pace.
According to Freddie Mac, 30-year fixed rates rose from 4.47 percent to 4.66 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 5.5 million homes during the month of April. This was a decrease of 2.5 percent from March and a decrease of 1.4 percent from April of last year.
The median home price increased to $257,900 in April, which was up 3.2 percent from March and up 5.3 percent from April of last year. The median home price has increased by approximately $12,900 in the past year alone.
There was a 4.0-month supply of housing inventory in April, which was an increase of 14.3 percent from March. The total number of available homes for sale has decreased by 2.4 percent compared to April of last year.
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