| December 2016 Market Update |
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 Home sales rose significantly in October, reaching the highest annualized rate in nearly a decade according to the National Association of REALTORS®. As the economy shows signs of expansion, coupled with continued low mortgage rates, buyers are entering the market despite diminished inventory levels. |
| Interest Rates |
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 According to Freddie Mac, 30-year fixed rates increased from 3.52 percent to 3.94 percent. Following the election, rates have continued to rise on expectations of increased inflation and economic growth in 2017. |
| Home Sales |
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| The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.6 million homes during the month of October. This was an increase of 2.0 percent from September, and an increase of 5.9 percent from October of last year. |
| Home Prices |
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| The median home price decreased to $232,200 in October, which was down 1.3 percent from September and up 6.0 percent from October of last year. The median home price has increased by approximately $13,100 in the past year alone. |
| Inventory |
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| There was a 4.3-month supply of housing inventory in October, which was a 2.3 percent decrease from September. The total number of homes for sale decreased by 10.2 percent compared to October of last year. |
Fruitcake: Delicious or Doorstop?
