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Thursday
Aug312017

Fewer homes sold nationwide in July than June, yet still more than one year ago

Mortgage Rates remain under 4% – The 30 year fixed rates are about the lowest they have been in almost a year.  Short term rates have risen. The August 24, 2017 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 3.86%, down slightly from 3.89% last week.  The 15 year fixed was 3.16%,  down slightly from 3.17% last week.  The 5-year ARM was 3.17%, up slightly from 3.16% last week. 


Fewer homes sold nationwide in July than June, yet still more than one year ago - The National Association of Realtors reported that total home sales slipped 1.3% in July from June's sales pace level. Year over year the pace of home sales were still 2.1% higher than last July. Prices have continued to rise. The median price was 6.2% higher this July than July 2016. That marked the 65th straight month of year over year price increases. Inventory levels continued to shrink. The number of homes for sale nationwide was down 9% from one year ago. The unsold inventory nationwide represents a 4.2 month supply. That is down from a 4.8 month supply last July. Tight supply is causing prices to rise. Total existing home sales include all re-sale single family one to four unit homes, condominiums, co-ops, and town homes. 

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