Here’s what’s currently going on in our real estate market.
National media outlets are reporting that home sales have fallen for the fourth straight month, inventory has increased for the third month in a row, and interest rates may soon rise. These are signs that our blazing-hot seller’s market may be starting to cool off, and it’s making some sellers worry that they’ve missed out on a big opportunity.
However, a variety of key indicators say otherwise. Pending sales increased by 8% in May, which is a 16-year high. Home construction also rose, and mortgages increased by 15.7%. Inflation did not increase between May and June, so interest rates haven’t risen. Locally, unit sales are up by 22% and prices are up by 24%. Inventory remains low at around 1.2 months’ worth of supply—keep in mind that a balanced market has around six months’ worth.
So, while things may still be changing, they’re changing very slowly. There’s still plenty of time to get your home on the market before anything major affects your sale. If you’re ready to get your home ready for sale, or if you have any other questions about our market, feel free to reach out to us. We look forward to hearing from you soon.