October 2019 Local Real Estate Market In Review
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 and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
• Single Family Closed Sales were down 0.3 percent to 7,120.
• Townhouse-Condo Closed Sales were down 3.3 percent to 1,971. • Adult Communities Closed Sales were up 9.1 percent to 716.
• Single Family Median Sales Price increased 9.8 percent to $335,000.
• Townhouse-Condo Median Sales Price increased 4.6 percent to $285,000.
• Adult Communities Median Sales Price increased 7.7 percent to $221,250.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.