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DFW Housing Market News and Trends
| CAN'T BUY WHAT'S NOT AVAILABLE, NO MATTER THE INTEREST RATE: Listings Down 8.4 Percent Over Past 12 Months. | ||
Long-term U.S. mortgage rates were unchanged to lower this week, as the benchmark 30-year rate reached a new low for the year. Mortgage buyer Freddie Mac said Thursday the 30-year fixed-rate mortgage averaged 3.88 percent, down from 3.90 percent last week. The rate stood at 3.48 percent a year ago and averaged a record low 3.65 percent in 2016. At the same time, would-be home buyers are facing higher prices and fewer options. Sales listings have plunged 8.4 percent over the past 12 months to 1.96 million. The median sales price in May rose 5.8 percent from a year ago to $252,800. Data issued Wednesday by the National Association of Realtors showed that Americans signed fewer contracts to buy homes in May, the third straight monthly decline and evidence that a shortage of homes for sale has suppressed purchases. |
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Posted on Thursday, June 29th, 2017 at 11:41 pm by H. David Ballinger |
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