For Week Ending June 9, 2018

(Data current as of June 18, 2018)

The Federal Reserve recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Two more 0.25 percent increases are expected by the end of the year. The 30-year mortgage rate did not increase, yet Fed action can have an indirect effect on the housing market. Buyers often react by trying to lock in at the current rate ahead of assumed future higher rates. Educating consumers that the Fed rate and mortgage rates are not the same can help curb panic buying.

• New Listings decreased 3.4% to 1,357
• Pending Sales increased 12.2% to 1,246
• Inventory decreased 17.7% to 9,434

For the month of May:

• Median Sales Price increased 9.5% to $245,110
• List to Close decreased 9.3% to 88
• Percent of Original List Price Received increased 0.2% to 97.5%
• Months Supply of Homes for Sale decreased 18.6% to 2.3
  
  

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