In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected
September Housing Statistics
With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
• Single Family Closed Sales were up 3.5 percent to 6,898.
• Townhouse-Condo Closed Sales were up 3.3 percent to 2,022.
• Adult Communities Closed Sales were up 7.7 percent to 703.
• Single Family Median Sales Price increased 6.3 percent to $335,000.
• Townhouse-Condo Median Sales Price increased 4.5 percent to $277,000.
• Adult Communities Median Sales Price increased 3.1 percent to $215,000.
In Washington, there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.
Brian is a real estate sales professional with a passion for providing excellent customer service, speedy communication and upholding the highest standard of professionalism. Catering to specialized n....