US Real Estate Market Report: September Sales Rebound
by Rick Delgado
on Monday, October 19th, 2015 at 9:40am.
As the days start to cool off in the fall, US home sales in September have rebounded after a lackluster August. Existing home sales increased 4.7 percent according to the National Association of REALTORS, which means Americans are still buying homes, despite wavering global economic markets abroad.
Here are some of the important US housing market numbers:
Sales in the US jumped 8.8 percent over the past 12 months
The total number of overall listings has declined 3.1 percent
Median home sale price rose to $221,900 in September
Median home sale prices have risen 6.1 percent this year
Rising home prices are pushing some 1st-time buyers out of the market
At the time of publication, the 30-year, fixed rate mortgage averaged 3.79 percent
What does this mean for prospective buyers?
Demand is outweighing inventory, which is driving prices up. This is pricing many 1st-time buyers out of the market or forcing them to seek financial assistance from other sources. This also means many are still renting, and those markets with low housing inventory will see rent increases as well. While home prices are still on the rise, the scarcity of affordable homes could eventually put a cap on sales growth.
What does this mean for the Sacramento real estate market?
Sacramento will continue to see a strong real estate market, as low stock and increased demand drives up the median price of homes. Many millenials currently living in the pricey Bay area are also looking to make the move to Sacramento in the next five years, which could fuel the market even further.