Market Report | 07/22
We are in another perfect storm that most likely won't last long. This is the window of opportunity you've been waiting for if you've been thinking about buying a new home or an investment property. Mortgage rates have dropped below 5%, inventory options have increased from the record lows we have experienced the last several years, and we are seeing incentives being offered from Sellers who are feeling a much softer housing market. This opportunity won't last long, as the Fed is already talking about additional rate increases to slow inflation. Remember real estate is by far the best long term investment you can make for your future. Call us today to capitalize on this window of opportunity!
That’s an increase of 9.3% year-over-year. Buyers who purchased in recent months faced larger monthly mortgage payments due to higher mortgage interest rates and home prices, which has had a cooling effect on the demand for housing.
Homes that closed last month spent an average of 21 days on the market before going under contract, compared to 11 days in July 2021.
Even with the uptick in inventory, the months supply of inventory in July was 2.8 months, meaning, if no additional homes were listed, the supply of homes would run out in about three months. A “balanced” market is typically 6 months of supply.
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