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This Month in Real Estate – February 2019 Market Update
February 2019 Market Update
According to the National Association of REALTORS®, existing home sales experienced a decrease in December after two consecutive months of increases. While the supply of homes is rising, a growing share of those homes may still be out of reach for some buyers.
According to Freddie Mac, 30-year fixed rates decreased to 4.45 percent in December from 4.87 percent in November. 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 4.99 million in December, down from 5.32 million in November, and 10.3 percent below the 5.56 million sales pace from a year ago.
The median home price increased to $253,600 in December, up 2.9 percent from December 2017. The median home price has increased by approximately $7,100 in the past year alone.
There was a 3.7-month supply of housing inventory in December 2018, up since December 2017. The total number of available homes for sale has increased by 15.6 percent compared to December of last year.
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