February 2018 Market Update
According to the National Association of REALTORS®, existing home sales slipped slightly in December. Looking at the entirety of 2017, a modest 1.1 percent increase was posted. While housing demand remains high in many parts of the country, the limited number of available homes for sale has significantly stunted overall growth.
According to Freddie Mac, 30-year fixed rates rose from 3.99 percent to 4.15 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 5.6 million homes during the month of December. This was a decrease of 3.6 percent from November and an increase of 1.1 percent from December of last year.
The median home price decreased to $246,800 in December, which was down 0.2 percent from November and up 5.8 percent from December of last year. The median home price has increased by approximately $13,500 in the past year alone.
There was a 3.2-month supply of housing inventory in December, which was an 8.6 percent decrease from November. The total number of available homes for sale has decreased by 11.1 percent compared to December of last year.
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