This Month in Real Estate
June 2016 Market Update
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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
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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
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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
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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
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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.
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