Glossary of Terms

# Homes for Sale: Number of active listings or homes available for sale during the month. 

Down Payment: The amount in USD $ necessary to cover the required 3% or 20% down payment in order to purchase the median priced home by product type (1br, 2br, 3br, 4+br).  

Median Price: The median price of Single-Family Residence (SFR) homes and Condos with a status of "Active" during the month by product type (1br, 2br, 3br, 4+br). 

Median Days on Market: The median of the number of days properties were on the market before going Pending. 

Monthly Payment: The estimated monthly mortgage payment assuming a 30-year fixed-rate mortgage (FRM) at the current interest rate. Payment also includes an assumption of 1.38% for property taxes and insurance.

Interest Rates: The Annual Percentage Rate (APR) charged for borrowing a 30-year fixed-rate mortgage according to Freddie Mac.

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Note: The median price and active listings data depicted in the graphics are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes and condominiums/town-homes. Sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.