- Average sales price was up 7% to an average price of $391,145.
- Inventory of homes is showing signs of increasing, increasing 33% to 946 units available for sale (compared to 710 units the previous month).
- While the increase in unit sales is a boon to our market, inventory is still well below balanced levels sitting at a ~1.76 month supply of homes available for sale.
- We are still in a very competitive seller market, with sellers averaging 3.63% over ask.
- Interest rates have continued to hover around 7% according to Mortgage News Daily.
BOTTOM LINE
The main factors influencing home prices are housing supply, demand, and mortgage rates.
Until we see a drop in rates coupled with increased inventory the market will remain a strong seller’s market and prices will continue to appreciate.