People keep asking me this question "How's the market doing?"¬† What I say is sales are up, home prices are up and interest rates are starting to climb again, too.
This May, sales of single family homes rose 20.4% from May of last year.¬†¬† The average sales price rose 7.1%, and the median home price rose 2.5%.¬†¬† Our inventory levels (meaning homes currently for sale) are about the same now as they were last year at this time, with 3,645 single family homes for sale now.
Condos and townhomes are keeping up just as nicely.¬† Sales rose 20% in May, compared to last year.¬† The average sales price rose 35.2%, and the median sales price rose 7.6%.¬† Inventory levels are about the same as last year, with 424 units for sale now.
Interest rates have climbed.¬† A 30 year conventional loan is now at 4.25%.¬† VA loans are at 3.75%.¬† FHA loans are at 3.625%.
The market has definitely improved, especially for sellers who are now getting more money for their homes than in recent years.¬† And with interest rates still low, buyers are spending!