Real Estate Market Update : August 2022

The cooldown in the local real estate market continued in August 2022.  Sales volumes in the single family home segment fell for the ninth straight month.  Sales totaled to 2,018, a 3.1 percent decline over the month and the lowest total since May 2020.  

Condos and townhouse sales receovered slightly during the month, rising 0.8%.  It only makes sense because of high interest rates, this market is the most affordable out of the rest.

Our median sales price of single family residential homes has made a pretty significant shift in a short period of time going from $480,000 to $450,000.

The luxury market is getting hit hard the most and as we move forward.  Again this is due to the now high interest rates which hovers around 5.8%-6.35% last time I checked with my lenders.  We should see a change this week after the FEDS meet again to possibly increase the interest rates by another .75 basis points.  

If you are thinking about selling your home or in the market to buy a new house. Please don’t hesitate to contact us.

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