Housing Report

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 percent, this decline was widely expected and largely factored into mortgage rates already, which are still approximately one percent lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.

 

New listings decreased 4.0 percent for residential homes but increased 1.4 percent for townhouse/condo homes. Pending sales increased 0.7 percent for residential homes but decreased 2.9 percent for townhouse/condo homes. Inventory decreased 22.1 percent for residential homes and 14.0 percent for townhouse/condo homes.

 

Median sales price increased 7.9 percent to $205,000 for residential homes and 14.5 percent to $178,000 for townhouse/condo homes. Days on market increased 10.3 percent for residential homes and 9.5 percent for townhouse/condo homes. Months supply of inventory decreased 20.6 percent for residential homes and 15.4 percent for townhouse/condo homes.

 

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.

 

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Housing Report Infographic

2019 Housing Reports Archive

August
August 2019 Infographic
August MARIS Stats

July
July 2019 Infographic
July MARIS Stats

June
June 2019 Infographic
June MARIS Stats

May
May 2019 Infographic
May MARIS Stats

April
April 2019 Infographic
April MARIS Stats

March
March 2019 Infographic
March MARIS Stats

February
February 2019 Infographic
February MARIS Stats

January
January 2019 Infographic
January MARIS Stats

2018 Housing Reports Archive

December
December 2018 Infographic
December MARIS Stats

November
November 2018 News Release
November 2018 Infographic
November MARIS Stats
November 2018 Video

October
October 2018 News Release
October 2018 Infographic
October MARIS Stats
October 2018 Video

September
September 2018 News Release
September 2018 Infographic
September MARIS Stats
September 2018 Video

August
August 2018 News Release
August 2018 Infographic
August MARIS Stats
August 2018 Video

July
July 2018 News Release
July 2018 Infographic
July MARIS Stats
July 2018 Video

June
June 2018 News Release
June 2018 Infographic
June MARIS Stats
June 2018 Video

May
May 2018 News Release
May 2018 Infographic
May 2018 MARIS Stats
May 2018 Video

April
April 2018 News Release
April 2018 Infographic
April 2018 MARIS Stats
April 2018 Video

March
March 2018 News Release
March 2018 Infographic
March 2018 MARIS Stats
March 2018 Video

February
February 2018 News Release

February 2018 Infographic
February 2018 MARIS Stats
February 2018 Video