In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
New Listings were up 8.3 percent to 664. Pending Sales decreased 39.5 percent to 257. Inventory grew 9.0 percent to 2,156 units.
Prices moved higher as Median Sales Price was up 6.5 percent to $185,000. Days on Market decreased 28.3 percent to 76 days. Months Supply of Inventory was up 6.8 percent to 4.7 months, indicating that supply increased relative to demand.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
Housing Supply Overview
Historically low mortgage rates will continue to support buyer demand as we enter the seasonally slower time of year. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market. In short, current trends are expected to continue. For the 12-month period spanning November 2018 through October 2019, Pending Sales in the Western Upstate region were up 1.8 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 9.9 percent.
The overall Median Sales Price was up 4.7 percent to $180,000. The property type with the largest price gain was the Condos segment, where prices increased 5.9 percent to $135,000. The price range that tended to sell the quickest was the $100,000 and Below range at 90 days; the price range that tended to sell the slowest was the $300,001 and Above range at 126 days.
Market-wide, inventory levels were up 9.0 percent. The property type that gained the most inventory was the Condos segment, where it increased 42.9 percent. That amounts to 4.6 months supply for Single-Family homes and 6.1 months supply for Condos
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