KW Real Estate Market Update – October 2016

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KW Real Estate Market Update – October 2016

This Month in Real Estate
October 2016 Market Update
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Monthly VideoA cooling trend in the housing market continued in August with diminished inventory levels being the primary driving force behind the decline. Despite near rock-bottom mortgage rates and healthy job growth, home sales eased after reaching record-setting levels in June. Affordability concerns have delayed some first-time buyers, which could contribute to pent-up demand in the future.
Interest Rates
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Monthly VideoInterest rates remain near all-time lows. Mortgage rates have remained relatively flat; however, Fed Chair Janet Yellen has suggested that an increase in the interest rate may be coming this December.
Home Sales
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Home Sales Graph
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.33 million homes during the month of August. This was a decrease of 0.9 percent from July, and an increase of 0.8 percent from August of last year.
Home Prices
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Home Price Graph
The median home price decreased to $240,200 in August, which was down 1.3 percent from July and up 5.1 percent from August of last year. The median home price has increased by nearly $11,700 in the past year alone.
Inventory
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Inventory Graph
There was a 4.6-month supply of housing inventory in August, which was a 2.1 percent decrease from July. The total number of homes for sale decreased by 9.8 percent compared to August 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.

 

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