October 2019 Local Real Estate Market In Review

Dated: 12/06/2019

Views: 161

In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.


• Single Family Closed Sales were down 0.3 percent to 7,120.

• Townhouse-Condo Closed Sales were down 3.3 percent to 1,971. • Adult Communities Closed Sales were up 9.1 percent to 716.

• Single Family Median Sales Price increased 9.8 percent to $335,000.

• Townhouse-Condo Median Sales Price increased 4.6 percent to $285,000.

• Adult Communities Median Sales Price increased 7.7 percent to $221,250.


As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.


Image title


Blog author image

Brian McCarthy

Brian is a real estate sales professional with a passion for providing excellent customer service, speedy communication and upholding the highest standard of professionalism. Catering to specialized n....

Latest Blog Posts

What The Experts Are Saying About The Economic Slow Down

More and more economists are predicting a recession is imminent as the result of the pullback in the economy caused by COVID-19. According to the National Bureau of Economic Research: “A

Read More

How Coronavirus Affects The 2020 Real Estate Market So Far

What Is Coronavirus?COVID-19, better known as coronavirus, is a viral infection with flu-like symptoms. The virus is primarily transmitted via respiratory droplets, such as when an infected

Read More

Now Is The Time If You Are Considering Selling

The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019,

Read More

How To Best Navigate New Color Trends

Bold, saturated colors are back after years of calm beiges, soothing grays, and varied whites dominating the interior design scene. What’s a homeowner to do?For years, homeowners and their real

Read More