April and May have shown increases in mortgage rates, list price, and inventory continuing the recovery of the housing market.
As is typical beginning in the month of May, the housing market has really ratcheted up with significant increases month over month in the number of listings and home prices. Perhaps as a reaction to the continued improvement of the market, mortgage rates have also increased.
The home list prices have increased 2.63% from month to month in April and also inventory increased 4.12% according to Realtor.com. Nationwide, inventory was 81 days in the month of April, which was a decrease of 11% from the same month in 2012.
These statistics are not only true throughout the nation, but also were representative of the market conditions on homes for sale in Encinitas. Inventory has seen a slight increase of 3% in the last month rising from 117 homes for sale in Encinitas to 121 homes. Additionally, median list prices have also risen over the last month by about 7%.
Mortgage rates have increased over the last several weeks especially on fixed mortgages. For a 15-year fixed loan, rates increased from 2.61% up to 2.69%. For a 30-year fixed mortgage, rates increased form 3.42% up to 3.51% in the past week, which was up from its historic low of 3.31% in November 2012. Most mortgage experts expect that mortgage rates will either continue to see moderate increases or remain relatively static.