| Mortgage Type | Rate |
| 30-Year Fixed | 3.73% |
| 15-Year Fixed | 3.16% |
| 5/1-year ARM | 3.39% |
| Historical average | 8.90% |
Home Sales
Home sales decreased year over year.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.3 million in May, up 2.5 percent from April and 1.1 percent below the 5.4 million sales pace from a year ago.
Home Prices
Home prices have continued to increase year-over-year.
The median home price increased to $277,700 in May, up 4.0 percent from April. The median home price has increased by approximately $12,600 in the past year alone.
Inventory – Month’s Supply
There was a 4.3-month supply of housing inventory in May 2019, up 2.4 percent from April. The total number of available homes for sale has increased by 4.9 percent compared to May of last year.
The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.
