- August’s median existing-home price (all housing types) was $253,500, a rise of 5.6% over August 2016 ($240,000). August’s price gains mark the 66th straight month of year-over-year gains.
- Total U.S. housing inventory at the end of August fell 2.1% to 1.88 million existing homes available; this is 6.5% lower than a year ago (2.01 million) and has declined year-over-year for 27 consecutive months. Nationally, unsold inventory sits at a supply of 4.2-months at the current sales pace, down from 4.5 months a year ago.
- First-time buyers drove 31% of U.S. sales in August, a dip from 33% in July and the lowest share since August 2016 (also 31%). For all of 2016, first-time buyers were responsible for 35% of sales.
- Freddie Mac data indicates that the average commitment rate for a 30-year, conventional, fixed-rate mortgage dropped to 3.88% in August from 3.97% in July; this is the lowest rate since November 2016 (3.77%). By comparisin, 2016’s average commitment rate was 3.65%.
Find the Right Coverage
When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to “replacement costs” that may not cover everything. You should ask your insurance agent a lot of “what if” questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.
Check with your insurance agent for more information on these issues and others. If you don’t have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.