With April behind us, it’s time for our latest market update.
Most of the recent news about our real estate market has been optimistic. In any case, there are a few key statistics worth discussing.
Interest rates, in particular, have seen a significant increase since last year. This trend is expected to continue, but for now, rates are sitting in the high 4% range. And prices are also on the rise.
Moving on to another area of change in our general market area, we’ve seen a 20% year-over-year increase in inventory. Sales, on the other hand, have dropped, going down 12% year over year.
As a result of all of these factors, buyers are gaining more leverage. Of course, these statistics may vary slightly by location, and time will tell whether recent changes mark a true period of transition or just a blip in the market.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.