Mortgage Housing Market Update What Buyers and Sellers Should Know

Here's your quick market insight. According to National Association of Realtors, the median home price in November came in at $409,200, which is 1.2% higher than a year ago. Housing inventory declined 5.9% from October. The Intercontinental Exchange, or ICE, reports that the monthly principal and interest payment on a median-priced home fell to $2,126 in November. That's $175 lower than the peak seen during the summer. Homes are also taking longer to sell, with properties spending an average of 36 days on the market, up from 32 days last November. At the same time, more sellers are pulling their listings. Strong consumer spending pushed economic growth higher than expected in the 3rd quarter, delivering the fastest gross domestic product growth in 2 years. Unemployment claims dropped last week and were even lower than the same week a year ago, showing that employers are holding on to workers and keeping layoffs limited. Consumer confidence slipped again in December, marking the 5th straight month of declines as worries around inflation, tariffs, and politics continue. Thoughts on this update? Comment below. Give us a like, tag a friend, and let's keep the conversation going. Message us here or visit our website.