Higher interest rates are impacting homeowners more than home buyers. New listings were down by about 1/3 as compared with April 2022.
Sellers are getting more than their asking price and houses are selling in less than 30 days. The demand for houses remains higher than the supply, although the supply did go up to 1.5 months from 1.4 months earlier this year. There is a 1.6-month supply of homes currently for sale in the seven-county metro area.
Prices usually peak in the metro area in April. We won’t have those numbers until May. Average mortgage rates on a 3o year mortgage are at around 6.4%.
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