Your Summer 2022 Market Update
June was a great month for our market! Today I’ll share our latest findings to keep you up to date with all the changes.
The average sales price in May was $409,000, but by June, it increased to $436,000. That’s an exciting change for potential home sellers, but a $27,000 increase in just a month isn’t sustainable. In fact, price jumps like that are one reason the Federal Reserve has been increasing interest rates—to slow down the market. Rates have already hit 6%, and we anticipate that they’ll have increased by another half point by the end of July.
"We’re still in a crazy seller’s market."
Around 20,0000 homes were added to the market last month, leaving us with around two months of supply. This is fantastic news for buyers who have been struggling to find options.
Despite two more months' worth of inventory, we’re still in a crazy seller’s market. However, activity has slowed down due to rising interest rates pushing some buyers out of the market. The homes that are selling take slightly longer to leave the market than they did over the last couple of years.
If you have any questions about what’s going on in the market or how it will affect your plans to buy or sell a home, don’t hesitate to give me a call or send me an email. I’d love to hear from you.