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February 2017 Market Update
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 Home sales dipped in December despite a year of robust growth and the strongest housing market in a decade according to the National Association of REALTORS®. Affordability concerns, depleted inventory levels and interest rate increases seen in November have affected certain prospective home buyers, contributing to the modest cooling trend.
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Interest Rates
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 According to Freddie Mac, 30-year fixed rates ticked back down from 4.30 percent to 4.19 percent, reflecting a holding pattern as the Federal Reserve and other financial institutions wait for indications of future fiscal policy enacted by Congress and the Trump Administration.
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Home Sales
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The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of December. This was a decrease of 2.8 percent from November, and an increase of 0.7 percent from December of last year.
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Home Prices
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The median home price decreased to $232,200 in December, which was down 0.9 percent from November and up 4.0 percent from December of last year. The median home price has increased by approximately $9,000 in the past year alone.
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Inventory
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There was a 3.6-month supply of housing inventory in December, which was a 7.7 percent decrease from November. The total number of homes for sale decreased by 7.7 percent compared to December of last year.
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