Posted On: November 1, 2019
With data available from Q3 2019, we are going to dive into mortgage rates and housing market prices.
First, some good news – home sales continue to skyrocket. A big player in this is the drop in the average home prices. We’ve seen almost a full one percent drop in September, and that rate has continued to go down. The decline in prices helped for a strong August with a 6.2% surge in home sales. Then, an even more significant drop occurred with a 7.9% drop in the median home price last month to $299,400.
With the fast pace of home sales, inventory has begun to decrease. In September, we saw a .6% drop in housing inventory. But, we’ve seen this trend almost all year in the lower end of the market anyway.
Mortgage rates are on the rise, but still aren’t higher than they were last year. Current rates rose to 3.75%, whereas last year they were at 4.9%.
Many professional economists think these numbers are helping the economy. Lower interest rates and housing prices means this is the time to buy. With so many homes being built, and even more ready to be moved into, there is no better time than now.
Do you know what else is a good idea? Having SETCO take care of your closing needs. We help you through the closing process, and with the help of Quila, we promise a safe, secure, and helpful walk to the finish line to get through this confusing process. Contact us today!