August 31, 2019- It has been a very strong month for closed sales! Up 7.7% from 2018. The downturn in active listings is generating upward pressure on home prices. Average increase in home prices over 2018 is 6.8%. Inventory is declining and has been low all year as compared to 2018. I expect inventory levels to continue to decline as families prepare for the next school year and summer vacation plans come to an end.
Interest rates are headed lower, possibly historic lows are coming. Buyers should keep an eye on the rate and capitalize on this rate trend. Buyers can get more house for the dollar.
Sellers thinking of selling should take notice of this market too.