At the same time, borrowing rates have soared since the Nov. 8 election. For 30-year fixed-rate mortgages, the average rate was 3.77 percent in November — up from 3.47 the previous month, the Wall Street Journal reported. The average rate has continued to climb in December, reaching 4.16 percent last week.
“We do expect some tapering off of home sales in 2017,” Lawrence Yun, the NAR’s chief economist, told the Journal.
Sales prices are also increasing as supply tightens. In November, the median sales price was $234,900, which was a 6.8 percent jump from the same time last year. [WSJ] — Kathryn Brenzel