Existing home sales declined 19.2% July 2021 to July 2022. The inventory problem continued to put strong upward pressure on home prices, as the median price rose 11.3% to $279,000 over that same period. The reason?? It’s a little of everything: not enough homes for sale, rising mortgage rates, and the economy as a whole.
A balanced housing market, meaning not a seller’s market and not a buyer’s market – but BALANCED would be 6 months worth of inventory. Last year July 2021 there was 3.2 months supply of inventory. This year July 2022 saw 3 months worth of supply. Not big movement, however, still very much so a seller’s market.
Not EVERY price range is so heavily in the seller’s market spot. Homes that are priced $500k and higher are on the more balanced side of the spectrum. 5.6 months worth of supply is what that price range is indicating.
Mortgage rates have continued to remain above 5%. This is the 30 year fixed mortgage rate we are talking about. July 2021 the mortgage rate was 2.87%. July 2022 saw 5.41%. Keep in mind, this is on top of the increasing housing prices. All this in turn has priced would-be home buyers out of the market.
Has this slowed down the housing market in Green Bay, WI? NO
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