This Month in Real Estate.

The January 2015 housing market update was published. The market stayed strong and 2015 is anticipated to be a strong year in real estate.

house under magnifying glassHere are some highlights:

– The pace of existing home sales declined in November of 2014, but was higher than November 2013.

– Home prices showed a decline as winter months approached, which is typical for the season.

– 30-year mortgage rates continued their drop, falling below last year’s rates. Current Freddie Mac reports 30-year fixed rate at 3.80%, 15-year fixed rate at 3.9% and a 5/1 ARM at 2.95%.

– 2014 was a solid year for existing home sales, with the seasonally adjusted annual rate of sales dropping to 4.93 million homes in November. While this was a decline from the previous month, it was still 2.3% above the rate of home sales from 2013.

– Median home price was $205,300 in November. Sustainable growth rates have been shown, and is anticipated for 2015.

– November 2014 inventory increased 2% compared to November 2013, with 2.09 million homes available for sale.

If you’re looking for an expert in real estate to help you with your home buying and/or selling, contact me. I look forward to working with you.

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