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April 2016 Market Update Home sales contracted slightly in February as buyers faced a tight inventory along with a slight uptick in mortgage rates. Rising home prices, along with the risk of mortgage rate hikes, could indicate that buyers might feel the pressure to enter the market sooner rather than later. |
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Interest rates rose slightly from last month, but remain flat when compared to February of last year. As rates threaten to creep up further, buyer affordability could potentially weaken. However, the risk of rising interest rates could spur new buyers to enter the market in the coming months to take advantage of historically low mortgage rates. |
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The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.1 million homes for the month of February. This was a decrease of 7.1 percent from January, but an increase of 2.2 percent from February of last year. Currently, 2016 is outpacing 2015 by approximately 650,000 total home sales. |
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The median home price was $210,800 in February, which was down 1.4 percent from January but up 4.4 percent from last year. The median home price has grown by nearly $9,000 in the past year alone. |
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There was a 4.4-month supply of housing inventory in February, up from 4 months in January. The total number of homes for sale in February increased by 3.3 percent to 1.88 million homes nationwide, but that was still 20,000 fewer listings than February of last year. |
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| 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. An error has occurred: [0] Remote request resulted in a [403 Forbidden] response. More Info |
Phylis Simoni
Designation:Realtor, Certified Luxury Home Marketing Specialis
Phone: 770-509-0700
Mobile: 404-456-2683
Fax: 404-601-4590
Email
Designation:Realtor, Certified Luxury Home Marketing Specialis
Phone: 770-509-0700
Mobile: 404-456-2683
Fax: 404-601-4590
