I expect us to be a seller’s market for the next few months, so if you’re thinking of buying, make your move before interest rates increase further.
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What’s the latest news from our real estate market?
The sales volume in the second quarter of 2018 remained flat, with only a 1.7% increase in the number of homes sold. However, the good news for sellers is prices have increased 9% since last year. There are 2,186 properties on the market, and the average days on market has dropped slightly since last quarter to 122 days. The median list price is $225,000, and inventory remains tight with just a three-month supply of homes.
Most economists expect both interest rate increases and moderate price increases moving forward.
This tight supply is pushing prices up, but increasing interest rates are constraining the market. I do expect it to be a seller’s market for the next few months, at least until interest rates rise another half point or so. Current rates are just under 4.5%, which is an increase from last quarter. Most economists expect both interest rate increases and moderate price increases moving forward.
If you’re thinking of buying, make your move before interest rates increase further. If you’d like to know what your home might be worth in today’s market, contact me or click here. Check out our other tips on buying and selling, also located at our website shannonr.com in the video library.
If you have any other questions or real estate needs, don’t hesitate to call or email me anytime. I’d be happy to help you.