The housing market experienced a significant rebound in September after two months of consecutive declines. Many first-time buyers entered the market, suggesting a pent-up demand over the past several months in spite of constrained inventory levels. Affordable mortgage rates and healthy job growth contributed to these gains, as well as median home prices continuing their downward trend.
According to Freddie Mac, 30-year fixed rates increased from 3.48 percent to 3.52 percent in September. Despite these increases, interest rates remain near all-time lows, although financial analysts suspect that the Federal Reserve may institute an increase soon.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.47 million homes during the month of September. This was an increase of 3.2 percent from August, and an increase of 0.6 percent from September of last year.
The median home price decreased to $234,200 in September, which was down 2.4 percent from August and up 5.6 percent from September of last year. The median home price has increased by nearly $12,500 in the past year alone.
There was a 4.5-month supply of housing inventory in September, which was a 2.2 percent decrease from August. The total number of homes for sale decreased by 4.3 percent compared to September 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.
Author:Kenley Stringer Phone: 850-320-7653 Dated: November 14th 2016 Views: 130 About Kenley: Raised in Tallahassee from 3rd grade onward, Kenley has an intimate understanding of the North Flori...
View our latest blog posts in your RSS reader. Click here to access.
Just in case you wanted to know what app would be the best one to down
"The Integrity Team helped me find exactly the right property, which was no easy task since my criteria were unusual. My agent guided me expertly through the financing process, advised on repair negotiations and led me to a successful resolution of some pricey pest issues. When a survey problem came up the day before closing again the team was there to advise and between their expertise and the title agency's input we were able to address the issue legally prior to to sale closing so that the problem would never haunt me again. I fully recommend the team and trust each member's expertise!"