This Month in Real Estate – August 2017

Information Provided by Keller Williams!

Below is information provided by Keller Williams. Interested in what’s happening in your neighborhood as well? Submit a request for contact, or give us a call today for a personalized home value report and market update!

August 2017 Market Update

According to the National Association of REALTORS®, existing home sales dipped slightly in the month of June. While demand for homes remains high, inventory, especially in the starter home category, remains constrained. With so many interested buyers waiting for more homes to become available, now may be the perfect time to sell.

Interest Rates

According to Freddie Mac, 30-year fixed rates ticked up from 3.90 percent to 3.96 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 5.52 million homes during the month of May. This was a decrease of 1.8 percent from May and an increase of 0.7 percent from June of last year.

Home Prices

The median home price increased to $263,800 in June, which was up 4.5 percent from May and up 6.5 percent from June of last year. The median home price has increased by approximately $16,200 in the past year alone.

Inventory

There was a 4.3-month supply of housing inventory in June, which was up 2.4 percent from May. The total number of available homes for sale has decreased by 6.5 percent compared to June 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.