Despite the lower number of homes currently available for sale, homes are selling quickly. Existing Home Sales rose by 4.4% since last month with a total of 5.71 million units sold across the country. This was higher than expectations by about 14%, and the most number of homes sold in a single month in the last ten years. Nationwide, a home is only on the market for an average of 34 days right now, compared to 45 days last spring. As a result of the quick turn around, the median home price has risen 6.8% over the same time frame to $236,400.
Interest rates have improved over the last month, but appear to have found a stopping point and are reversing higher.