The number of Americans signing contracts to buy homes fell for the second consecutive month as lack of available homes continues to stifle house hunters. According to
the National Association of Realtors, its index of pending sales fell 1.1%, to 128.9 in October, down from a reading of 130.3 in September.
Historically low interest rates are drawing prospective buyers into the market, but home prices have risen significantly the past year as supply remains near all-time lows.
Mortgage finance giant Freddie Mac reported last week that the average rate on the 30-year fixed-rate home loan remained at a record low 2.72%. The median price for an existing single-family home reached $313,000 in
October up almost 16% from October 2019. The median price of a new home sold in October was $330,600, according to the
For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce