Published January 8, 2018

THIS MONTH IN REAL ESTATE – JANUARY 2018

Written by Timothy Kerr

THIS MONTH IN REAL ESTATE – JANUARY 2018 header image.

January 2018 Market Update

According to the National Association of REALTORS®, existing home sales accelerated significantly in November, reaching their fastest rate of growth in over 10 years. In spite of ongoing inventory constraints, particularly in the starter-home segment, and a healthy, growing median home price, homes are selling rapidly as buyers scoop up available properties.

Interest Rates

According to Freddie Mac, 30-year fixed rates rose from 3.90 percent to 3.99 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 5.8 million homes during the month of November. This was an increase of 5.6 percent from October and an increase of 3.8 percent from November of last year.

Home Prices

The median home price increased to $248,000 in November, which was up 0.8 percent from October and up 5.8 percent from November of last year. The median home price has increased by approximately $13,600 in the past year alone.

Inventory

There was a 3.4-month supply of housing inventory in November, which was a 12.8 percent decrease from October. The total number of available homes for sale has decreased by 15.0 percent compared to November 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.

THIS MONTH IN REAL ESTATE – JANUARY 2018

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