Median sales prices still trend higher
It’s been a rough ride for homebuyers lately, as prices have hit the roof with little respite. All of that looks to change soon. As median sales prices continue to climb locally and state wide, higher interest rates may gradually impact this upward trend.
The median sales price chart below updates daily. Check back for updated local market updates.
Fixed Mortgage Rates Vs. Treasury Yields
Key Price Gauge Signals Inflation Is Cooling
Housing starts drop to 13-month low in May.
The U.S. inflation rate climbs to 7.5% after another sharp increase in consumer prices.
Inflation is a red-hot topic right now, and for good reason: In October, the annual inflation rate rose to an alarming 6.2%. That’s the highest it’s hit since November 1990, over 30 years ago, and a steep uptick from the manageable 2% that we’ve enjoyed for the past five years. Translated to your daily life, this means Americans are shelling out more money for just about everything, from gas for your tank to heating bills to groceries and more. Our money simply doesn’t go as far as it used to. So what’s the impact of inflation on housing? Not surprisingly, inflation is influencing the real estate market in a big way, too. According to a Stanford University study, residential real estate has historically been an “investment safe-haven” during inflationary periods. Researchers found that during the 1970s (another moment of surging inflation), home prices rose relative to the size of the economy. This was good news for homeowners and real estate investors, since it meant that their home’s rising value helped offset rising prices elsewhere. If you were shopping for a new home, though, this was a major challenge—and the same may hold true today. This article was republished from Realtor.com Real Estate News. To read more of this article click the link below.