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How did our June 2018 market compare with June 2017? Here’s how the latest year-over-year statistics stack up:
The number of new listings dropped 1% from 10,234 to 10,139.
The number of active listings dropped 6.2% from 20,536 to 19,282.
The number of sold listings dropped 3.9% from 9,608 to 9,234.
The month’s supply of inventory dropped 2.4% from 2.14 months to 2.09 months.
As you can see, we had slightly fewer homes come on the market and fewer homes actively listed for sale, which led to fewer homes being sold. This makes sense because when there are fewer homes for sale, fewer buyers find what they’re looking for and fewer homes sell.
We still have a shortage of inventory, interest rates are starting to creep up, and buyers want to buy now and lock in a low rate while they can but they aren’t all finding the home they want.
If you have a home you’re thinking about selling, I encourage you to put it on the market now. Not only is buyer demand strong because we’re in a seller’s market, but it would be prudent to lock in a low interest rate now to finance your next home purchase.
As I said, interest rates are creeping up, and the higher the rate, the higher the mortgage payment. For every 1% mortgage rates increase, buyers’ buying power decreases by 10%. At what point do rates go so high that buyers start pulling out of the market or looking at lower-priced properties that they can afford, thereby causing a deflationary pressure on home prices?
Consider these factors before deciding your next move. If you have any more questions about our market or you’d like to talk about your home buying or selling strategy, don’t hesitate to reach out to me. I’d love to help you.
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