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What’s going on in our housing market? Today we want to share the latest numbers with you and explain what they mean for buyers and sellers.
The median price for single-family homes is $1.35 million, which is down 4% from this time last year. Well-priced houses are still selling quickly with multiple offers, while other properties are seeing price reductions.
Each home is different, and there’s no single approach you can take to all of them, especially in our current market. While the market is still very strong, it’s experiencing a bit of an exhale since interest rate increases have quickly impacted buyers’ purchasing power.
“Well-priced houses are still selling quickly with multiple offers.”
Interest rates last year were 3.11% on average, while today they’re sitting at 5.27%. On a $1 million loan, this difference equates to $1,259 per month. We saw a decrease in the sales-to-list-price ratio from 110% to 102% last month. However, home prices and rents continue to rise at double-digit rates in many areas. Rents hit a record high for the 15th consecutive month countrywide.
Redfin reported that about 15% of all escrows were canceled last June. In some areas, as many as 27% were canceled. This reflects a shift in how confident buyers are.
It’s critical to have an experienced Realtor and loan officer to help you navigate this market. Give us a call if you have any questions. We’d love to help.