According to the National Association of REALTORS®, existing home sales declined in March 2019 after a significant uptick in February. With mortgage rates at their lowest levels in nearly a year and inventory rising, more buyers may be entering the market soon.
Interest Rates
According to Freddie Mac, 30-year fixed rates decreased to 4.20 percent in March from 4.28 percent in February. 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 5.2 million in March, down 4.9 percent from February, and 5.4 percent below the 5.5 million sales pace from a year ago.
Home Prices
The median home price increased to $259,400 in March, up 3.7 percent from February. The median home price has increased by approximately $9,600 in the past year alone.
Inventory
There was a 3.9-month supply of housing inventory in March 2019, up 8.3 percent from February. The total number of available homes for sale has increased by 11.4 percent compared to March of last year.
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