Welcome to This Month in Real Estate for November 2017. Here are just a few of the national real estate numbers we’re tracking for you right now. According to the National Association of Realtors, the number of projected home sales rose to 5.4 million. And the national median home price for existing homes decreased to $245,100. That's down 3.2% from last month and up 4.2% from this same time last year. Finally, according to Freddie Mac, the national average for a 30 year fixed-rate mortgage is up from last month to 3.88%.
In the Phoenix market – we saw number of home sale units drop 6.8% from the month of September while inventory increased 7.7%. The median sales price for Phoenix metro increased to 243,602 which is up 1.5% from September and up 7.3% from last year.
In the Chicagoland market – we saw home sale units drop 8.2% from the month of September while inventory dropped 8.4%. The median sales price for the entire Chicagoland area dropped to 214,000 which is down 2.7% from the month before and the up from 206,000 from September of last year.