The number of Americans signing contracts to buy homes fell for the second consecutive month as lack of available homes continues to stifle house hunters. According to the National Association of Realtors, its index of pending sales fell 1.1%, to 128.9 in October, down from a reading of 130.3 in September.
Historically low interest rates are drawing prospective buyers into the market, but home prices have risen significantly the past year as supply remains near all-time lows. Mortgage finance giant Freddie Mac reported last week that the average rate on the 30-year fixed-rate home loan remained at a record low 2.72%. The median price for an existing single-family home reached $313,000 in October up almost 16% from October 2019. The median price of a new home sold in October was $330,600, according to the Commerce Department.For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: jimhanson1@comcast.netCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
U.S. average rates on long-term mortgages edged down slightly this week, remaining at historically low levels.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan fell to 2.88% from 2.90% last week. One year ago, the rate averaged 3.65%.
The average rate on the 15-year fixed-rate mortgage also fell, to 2.36% from 2.40% last week.
Last week, the National Association of Realtors reported that the number of existing homes for sale in August was 1.49 million units, a decline of 18.6% from the same time last year. The dearth of inventory has also pushed prices higher, with the median price for both existing and new single-family homes pushing past $310,000.For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: jimhanson1@comcast.netCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
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