An Early Look At May 2023 Home Sales In Harrisonburg And Rockingham County
Scott P. Rogers
May is over! Gasp! It's June. Already!
Here's a quick look at a few early indicators of trends in our local housing market in May 2023...
May 2020 = 112 home sales
May 2021 = 122 home sales
May 2022 = 149 home sales
May 2023 = 106 home sales
So... unless quite a few more (6+) home sales are reported over the next few days as having been sold in May via the HRAR MLS, it seems May 2023 may have been the slowest (number of sales, not speed of sale) month of May in several years.
Mortgage interest rates were also a bit higher this May than last, and much higher than two years ago...
Early May 2021 = 2.96%
Early May 2022 = 5.27%
Early May 2023 = 6.39%
And yet, despite fewer home sales and higher mortgage interest rates, home prices seem to keep on rising...
Median Sales Price, Jan 2022 - May 2022 = $298,400
Median Sales Price, Jan 2023 - May 2023 = $325,000
Stay tuned for a fuller analysis of local market trends in about a week.
