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| | January 2017 Market Update |  |  Home sales surged ahead in November, marking the third consecutive month of growth. A healthy job market, along with pressure for buyers to close ahead of forthcoming mortgage rate hikes, pushed sales to the highest pace recorded since February of 2007, according to the National Association of REALTORS®.
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| | Interest Rates | |
|  According to Freddie Mac, 30-year fixed rates jumped from 3.94 percent to 4.30 percent, reflecting the expectations of continued economic growth along with the increased possibility of inflation in 2017.
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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 5.6 million homes during the month of November. This was an increase of 0.7 percent from October, and an increase of 15.4 percent from November of last year.
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| | Home Prices | |
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| The median home price increased to $234,900 in November, which was up 0.3 percent from October and up 6.8 percent from November of last year. The median home price has increased by approximately $14,900 in the past year alone.
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| | Inventory | |
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| There was a 4.0-month supply of housing inventory in November, which was a 7.0 percent decrease from October. The total number of homes for sale decreased by 21.6 percent compared to November of last year.
|  | | | 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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