Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, September 7, 2022
Indeed, as is shown rather clearly above, fewer buyers signed contracts to buy homes this summer than last. When I'm talking summer, in this instance, I'm referring to June, July and August...
- This Summer = 384 contracts signed
- Last Summer = 454 contracts signed
So, about 15% fewer contracts were signed this summer than last.
Why?
A large part of it is likely the higher mortgage interest rates.
- This Summer = 4.99% - 5.81%
- Last Summer = 2.77% - 3.02%
But despite fewer houses going under contract this summer than last...
- Most homes are still going under contract very quickly.
- Home prices seem to be steady or rising.
- Inventory levels are rising a bit but not significantly.
If mortgage interest rates remain as high as they are now, it is reasonable to assume that home buying activity will continue to be a bit subdued this fall compared to last fall.
