| December 2020 Market Update |
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According to the National Association of REALTORS®, existing home sales continued to increase for the fifth consecutive month in October 2020. |
| Interest Rates |
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According to Freddie Mac, 30-year fixed rates decreased from 2.80% to 2.72%. 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 6.9 million in October, up 4.3% from September and 26.6% above the 5.4 million sales pace from a year ago. |
| Home Price |
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| The median home price increased to $313,000 in October, up 0.5% from September. The median home price has increased by 15.5% in the past year alone. |
| Inventory |
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| There was a 2.4-month supply of housing inventory in October 2020, which is a decrease from September. The total number of available homes for sale has decreased by 38.5% compared to October of last year. |
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