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Home Sales Statistics and Predictions

The real estate market continued to be active in April, with the highest number of homes sold (437) during April since 2006. Click here for a link to the home sales statistics, along with a 4-year comparison. These statistics are based on homes listed and sold in the Roanoke Valley MLS.

Back in April, 2006, the MLS had 1,400 more residential listings than today. The average price of closed homes in April, 2017 was $204,635, about $2,000 more than in April, 2006.

The National Association of REALTORS® forecasts that single-family existing home sales will see their best year since 2006, driven by robust job gains and improving household confidence. NAR also forecasts an increase of 5% in existing home prices in 2017. NAR predicts two more rate hikes this year to bring mortgage rates to an average 4.3% by the end of 2017, and climbing towards 5% in 2018. 

 
NAR Update: Key Issues Before Congress

Several issues have emerged in the early stages of Congress that are of critical importance to REALTORS®. Click here for a short summary on each of these issues:

  • Tax Reform, with a possible increase in the standard deduction which could reduce the relevance of the mortgage interest deduction (Legislation projected for late summer, 2017)
  • National Flood Insurance Program Reauthorization, since current program expires at the end of September (Legislation projected for late spring, 2017)
  • Government Sponsored Enterprises Reform, including restructuring of Fannie Mae and Freddie Mac (No projected legislation start date)
  • GSE Guarantee Fees, with goal of reducing high G-fees (Legislation has been introduced in the House; not sure whether similar legislation will be introduced in the Senate)
Congress is in recess April 10th - 21st. Stay tuned for more updates later this spring. 
 
April is Fair Housing Month
April 2017 marks the 49th anniversary of the 1968 landmark Fair Housing Act, which prohibits housing discrimination and draws attention both to the challenges that remain in housing and the progressive achievements to ensure Americans equal access to housing options. Because community is so central to the work and lives of our members, REALTORS® are key champions of 'inviting and sustaining diversity'. Communities with broad opportunity and inclusion are the most vibrant. Please take time this April to join REALTORS® and community leaders in promoting neighborhood diversity and revitalization.
 
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