Aug. 19, 2022
May of 2022 ended with the area housing market experiencing a large increase in inventory. The 11 county metro area added 76% more residential properties to the market, versus May of 2021.
The average closed price in May was down to $714,495. This lower average price however is a 14% year over year gain, but 1% lower from the month before. Inventory continues to increase, and many properties are experiencing a slow first weekend on the market.
The market appears to be cooling down for sellers, and some buyers are waiting to bid on homes that don't have an offer after the first weekend.
Interest rates on a 30 year fixed mortgage are at 5.23% per Freddie Mac.
Appreciation will slow considerably, while builder inventory has jumped significantly to 9 months. Regardless if you are buying or selling, our experience and local knowledge is far more valuable now than ever as the market normalizes.