This Month in Real Estate
June 2016 Market Update
Monthly VideoHome sales were off to a solid start during the first part of 2016, tracking at their highest levels since 2007. Sustaining its momentum from last month despite ongoing low inventories and steady price growth, the real estate market continued to accelerate as the summer buying season approaches.
Interest Rates
Monthly VideoInterest rates decreased slightly from the month prior and remain at historically low levels. As rates approach three-year lows and are likely to remain at these levels for the next several months, demand should continue to hold steady.
Home Sales
Home Sales Graph
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.5 million homes during the month of April. This was an increase of 1.7 percent from March, and an increase of 6.0 percent from April of last year.
Home Prices
Home Price Graph
The median home price was $232,500 in April, which was up 5 percent from March and up 6.3 percent from April of last year. The median home price has increased by approximately $18,800 in the past year alone.
Inventory Graph
There was a 4.7-month supply of housing inventory in April, up from 4.4 months in March. The total number of homes for sale in April increased by 6.8 percent to 2.14 million homes nationwide, but that was still 80,000 fewer listings than April of last year.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.