September 2020 Market UpdateAccording to the National Association of REALTORS®, existing-home sales continued to increase for the second consecutive month in July 2020. Interest Rates According to Freddie Mac, 30-year fixed rates decreased from 3.01% to 2.99%. This rate remains well below the historical average of 8.90%.
Home Sales The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.68 million in July, up 20.9% from June and 5.4% above the 5.39 million sales pace from a year ago.
Home Price The median home price increased to $304,300 in July, up 3.0% from June. The median home price has increased by 8.5% in the past year alone.
Inventory There was a 3.1-month supply of housing inventory in July 2020 that has decreased since June. The total number of available homes for sale has decreased by 26.2% compared to July of last year.
Ready to Sell?
My team and I can guarantee peace of mind on your selling journey from start to finish. Our process is simple. Upon contacting me, I will provide a thorough market analysis of your home and go over listing options that best fit your needs and the potential value of your property. When you choose to list me and my team, we offer FREE home-staging through Nina Rae Staging and FREE landscaping services up to $500.