This Month in Real Estate: News for April 2018

Real Estate News for April 2018

Real estate news for April looks good. Home sales are up and the price of homes has increase. With a decreased number of homes in inventory, if you are looking to sell, now might be a good time to enter the market. See the details below.

HOME PRICES

The median home price increased to $241,700 in February, which was up 0.4 percent from January and up 5.9 percent from February of last year. The median home price has increased by approximately $13,500 in the past year alone.

 

HOME SALES

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of February. This was an increase of 3.0 percent from January and an increase of 1.1 percent from February of last year.

 

INVENTORY – MONTH’S SUPPLY

There was a 3.4-month supply of housing inventory in February, which was flat from January. The total number of available homes for sale has decreased by 10.5 percent compared to February of last year.

 

REAL ESTATE NEWS ON THE MORTGAGE MARKET

  • The average 30-year fixed-mortgage rate is 4.41 percent, up 6 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.33 percent.
  • The average 15-year fixed-mortgage rate is 3.81 percent, up 6 basis points over the last week.