Real Estate Trends for April
(information via Keller Williams)
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April 2018 Market Update According to the National Association of REALTORS®, existing home sales showed modest improvements in February. Despite ongoing inventory constraints in many parts of the country, sales rebounded after two consecutive months of declines.
Interest Rates According to Freddie Mac, 30-year fixed rates rose from 4.40 percent to 4.45 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 5.5 million homes during the month of February. This was an increase of 3.0 percent from January and an increase of 1.1 percent from February of last year.
Home Prices The median home price increased to $241,700 in February, which was up 0.4 percent from January and up 5.9 percent from February of last year. The median home price has increased by approximately $13,500 in the past year alone.
Inventory There was a 3.4-month supply of housing inventory in February, which was flat from January. The total number of available homes for sale has decreased by 10.5 percent compared to February of last year.
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