This month’s Real Estate Market Update shows an increased demand to homes with an increase of 3.2% from last month. The projected Home Sales for this month is at 5.5 Million while median home prices fall from $240,000 last month to $234,200 this month. The median home price is up 5.6% from last year and is down 2.4% from last month. This is the highest recorded annual gain on housing prices since a 5.1 from July. Seattle, Portland and Denver are experiencing the strongest price gains year-by-year (Olick, 2016). New Home Prices is expected to be at $301,900 for the fourth quarter of 2016 (Realtor.org, 2016).
Image Source: http://www.kw.com/kw/this-month-in-real-estate.html
As for the inventory of homes up for sale in the market, there is a decrease of 2.2% from August’s supply compared to September. Last year’s inventory is also 4.3% greater than this year. Freddie Mac reports that this year’s Fixed Mortgage Rate is at 3.52% while last year is 3.48%.