February 2018 Newsletter

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.

Interest Rates

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.

Home Sales

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.

Home Prices

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.

Inventory

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.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Your garden and flower beds are next. Begin by clearing away any debris like leaves and other matter that piled up during months of neglect. Gently turn the soil and work in fresh fertilizer. Before your plants and flowers are in full-growth mode is the ideal time to make repairs. Check edging for any damage, replace rotted woodwork and complete any other maintenance tasks. The warmer months may still seem far away, but getting some of your lawn and garden care underway now can make those warmer, sunny days feel closer in no time.

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