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March 2016 Market Update
 Home sales remained strong in January as buyers continued to benefit from extremely low mortgage rates. Prices also continued to rise as inventory remained low in the face of demand spurred by falling interest rates. Overall 2016 appears to be off to a strong start for existing home sales.
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Interest rates declined slightly in January as struggling equities markets created downward pressure on the safe haven assets that heavily influence mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.62%; 15-year fixed rate, 2.93%; 5/1-year adjustable rate, 2.79%.
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The National Association of Realtors reported home sales at a seasonally adjusted annual rate of 5.47 million homes in January. This was an increase of 0.2% from the previous month and 13.5% from the previous year.
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The median annual home price was $213,800 in January. This is down 4.2% from December and up 8.2% from the previous year.
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The actual number of homes for sale in January was down 2.2% compared to the same month of the previous year. This combined with the sales in January led the months of supply of inventory, which measures the relationship between supply and demand, to be 4 months.
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| Real Expert. Real Neighbor. Real Estate. |
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Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.
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