The September 2015 market update shows another high for existing home sales. The July year-over-year growth hit double digits.
Nationally, inventory remains tight as the increased pace of sales continues to exceed the pace of the number of homes entering the housing market for sale. In July, year-over-year price increases slowed in pace.
Mortgage rates were affected by turmoil in global markets; causing the Federal Reserve to reevaluate the timing of interest rate increases for the balance of the year.
Here are the current rates reported from Freddie Mac:
30-year fixed: 3.93%
15-year fixed: 3.15%
5/1 ARM: 2.94%
Historical Average: 8.90%
July home sales increased. The rate of homes sold was up 2% from June and 10.3% up from June 2014. In July, homes sold at a seasonally adjusted annual rate of 5.59 million homes.
Year-over-year gains are expected to remain strong, with home prices up 5.6% from June 2014.
To view the report, click here.
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