According to the National Association of Realtors, the number of projected home sales dipped. They were 5.5 Million in August, and have gone down to 5.4 Million in September.
The National median home price has lowered to $258K, $6,000 less than last month in August. However, it is up 6.2% from this time last year ($243K).
There was a 4.2 month supply of housing inventory in July, which was flat from June. The total number of available homes for sale has decreased by 12.5% compared to July of last year.
While the market may have slowed down while all the kids and teachers going back to school, now is still a great time to be in the market, whether you are buying or selling.
Here are the current mortgage rates:
Mortgage Type Rate
30-Year Fixed 3.86%
15-Year Fixed 3.16%
5/1-year ARM 3.17%
Historical average 8.90%