According to the recent news release, national home sales have increased to the highest rate since February, 2007.
Lawrence Yun, NAR chief economist, said the market may be experiencing a temporary peak. “Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,” he said. “Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.”
Nationally, August inventory was up and averaged 4.9 months on the market before being sold. Inventory is still limited and 17% of homes sold for more than the price the home was listed for. However, nationally 63% of home sold for below what the home was listed at.
The national median home price was up over last year at $212,100 which was the best year-over-year gain since October 2005. The increased in home prices brings more homeowners above water, which gives more homeowners an option to sell. All a win-win for our real estate market.
National housing markets will trickle down to local market reports. Watch us for Salt Lake area August housing market reports.
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