January 2016 Market Update
Home sales dropped sharply in November according to the National Association of Realtors; however, the majority of this drop is likely an artifice of delayed closing times created by the implementation of changes in documentation by the Consumer Financial Protection Bureau. Prices and the number of homes on the market held relatively steady, supporting that many of the sales that would have been reported in November will likely be pushed into the December month. At the end of December, the Federal Reserve announced its first rate hike of 0.25%, giving good indication that mortgage rates will be on the rise in the coming year.