November 2014 Market Update

November 2014 Market Update

According to the National Association of Realtors, home sales reached their highest pace in September while remaining a little below last year’s numbers.  Prices increased on a year-over-year comparison for 31 consecutive months, but the magnitude of the gains has decreased over the past two quarters.  The inventory of homes declined slightly as we began to move out of the peak season for home sales.  Buyers will likely begin to see seasonal declines to home prices in the coming months.  This combined with declines in interest rates could present some opportunities for buyers to see a slight bump in what they can afford.