Sales of existing homes in the US surged 6.5% from January to February, then fell 8.5% in March. There were 1.50 million previously owned homes on the market in March, down 10.2% from a year ago. The median existing-home price increased 8% from a year ago to $280,600 in March. But economists expect slow house price growth or even a decline in home values. At March's sales pace, it would take 3.4 months to exhaust the current inventory, down from 3.8 months a year ago. A six-to-seven-month supply is viewed as a healthy balance between supply and demand. In March, houses for sale averaged staying on the market for 29 days, down from 36 days both in February and a year ago. 52% of homes sold in March were on the market for less than a month.
The national average rate for 30-year mortgage money is 3.47, FHA 30-year
is 3.5, 15-year is 3.33%, Jumbo Loans average 4.47%, and 5/1 arms are 4.0%.
Rates furnished by www.mortgagenewsdaily.com
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