Real Estate Market Stats from Batman?
The housing market isn’t accelerating like it was earlier in the year.
Yes, it is time for another round of market stats along with some reasons for the trends we are seeing. Active listings are up 11.3% month over month! Last month, active listings were down 25%, so this is a welcome change in the market.
Of course, inventory is nowhere near what it was two to three years ago, but any upward trend is helpful! The market remains very much a seller’s market.
The monthly average sales price is up year over year from $200 per square foot to $250 per square foot. That’s also a significant increase—almost 27%. Last year, the median sales price was $325,000. This year, the median sales price is $410,000. Prices have continued to steadily rise, but that may not continue forever.
Economists have projected a slowdown in the fourth quarter this year, but they do not think it will lead to a decrease in prices. What is more likely is a flattening.
Be aware that interest rates have increased over the past few months. This is leading to a decrease in the purchasing power of your dollar. Even if prices flatten out, your potential monthly payment may increase because of a rise in interest rates. Someone who is pre-approved now for $400,000 may not be able to afford a home at $390,000 in a few months if interest rates continue to climb.
Autumn is almost always a good time to buy, but it is particularly good this year. With a shift in interest rates likely and prices climbing at a slower rate, it may make sense to find your home in the next couple of months!
Let us know if we can help. Give Carson a call at (480) 201-0416.