Here’s what you should know about our real estate market right now.
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Despite a recession, the lowest mortgage interest rates in history have spurred real estate purchasing and refinancing. This rebound in the housing market has come at a critical time for the economy.
Mortgage giant Freddie Mac stated that 30-year fixed-rate mortgages averaged 2.86% this past week. That’s almost 1% lower than last year. Here are some other numbers to know:
- The average sale price is up 17.7% to $399,000
- Total listings are down almost 40%
- New listings are down more than 10%
- Pending sales are up 25% from last year
Locally, we’ve been seeing homes selling in a matter of days, usually with multiple offers. Buyers looking to purchase and homeowners looking to refinance are capitalizing on interest rates and purchasing homes at a record pace. First-time homebuyer activity is up 19% in August and is currently at its highest level ever.
With just 1.5 months of inventory, we’re clearly in a seller’s market. Right now, buyers are actively searching for homes, but there just aren’t as many for sale to meet the need. This makes it an ideal time to sell.
If you have any questions for me about our market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.