This Month in Real Estate.

Inventory remained tight and prices continued their seasonal decline, with home sales lowing in October.

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With the year-end approaching, it is expected that the Federal Reserve will likely increase interest rates therefore causing mortgage rates to increase next year.

  • 30-year fixed rate: 3.97%
  • 15-year fixed rate: 3.18%
  • 5/1 ARM: 2.98%
  • Historical average: 8.90%
    • Source: Freddie Mac

Home prices continued their seasonal decline in October. The median home price fell to $219,600 according to the National Association of Realtors. That said, it was a year-over-year increase of 5.8%.

The number of homes for sale in October was down 4.5% compared to October of 2014.

If you’re looking to buy or sell a home, contact me to get started!

 

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