Prices, inventory, and rates are all up this week

Prices, inventory, and rates are all up this week

October 5, 2018
The number of new listings on realtor.com® in September shot up 8% year over year, according to a report out this week. That’s the biggest jump since 2013, when the country was still clawing its way out of the financial crisis. And it gives eager buyers a lot more options to choose from (like our pocket listing pictured here). That’s a big shift from a year ago, when bidding wars and insane offers over asking price were par for the course. But it doesn’t mean the housing shortage has suddenly dissipated. Nationally, the total inventory of homes for sale was essentially flat compared with 2017—moving down 0.2%.
 
And while the U.S.’s median home price, at $295,000, was up 7% in September compared with a year ago, the increase in homes hitting the market helped to slow that rise. The median home price in September 2017 was a 10% increase over the previous year.
 
U.S. mortgage rates are at their highest in more than seven years. The average rate for a 30-year fixed mortgage climbed to 4.72% this week from 4.65% last week. That means homeowners and borrowers are seeing the highest rates since April 2011. This is the 5th straight week that mortgages have risen in the U.S. The 30-year average stood at 3.83% a year ago.