| July 2020 Market Update |
|---|
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According to the National Association of REALTORS®, existing home sales decreased substantially in May 2020 over the previous month. |
| Interest Rates |
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According to Freddie Mac, 30-year fixed rates decreased from 3.24% to 3.13%. This rate remains well below the historical average of 8.90%. |
| Home Sales |
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| The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 3.91 million in May, down 9.7% from April and 27.1% below the 5.36 million sales pace from a year ago. |
| Home Price |
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| The median home price decreased to $284,600 in May, down 0.7% from April. The median home price has increased by 2.7% in the past year alone. |
| Inventory |
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| There was a 4.8-month supply of housing inventory in May 2020 that has increased since April. The total number of available homes for sale has increased by 11.6% compared to May of last year. |
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