Current Market Update
How’s the market?
The Market Action Index continues to slow down, currently at 49. This is a decrease over last month’s market action index of 52, but still signals a Strong Sellers Market.
How are home prices?
Home prices are Decreasing with a median list price of $395,000, down from $399,000 last month.
What’s the pace of the current market?
The pace of the market is still Very Fast with 2,305 New Listings and 3,470 Listings Absorbed. Once again, more homes were purchased than listed.
Interest Rates
Interest Rates impact your Buying Power more than Sales Price.
Did you know?
A $700,000 purchase mortgage at 3.5% has the same payment as a $550,000 purchase at 5.5%?
*Assuming 10% down payment and 30 yr fixed mortgage.
Lenders qualify buyers based on payment, not price.
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