The home sale numbers for May don’t look all that different from the April numbers. The low inventory of houses on the market and the high demand keep prices up. Residential real estate is selling quickly and often for more than the asking price.
We are still experiencing a strong sellers’ market. It will take a while for higher mortgage interest rates to have an impact. Rates just went up and will have an impact on June home sales.
Right now I am not recommending buying a house if you are a first-time home buyer who plans to use financing. If you are ready to sell now is a great time to sell your house quickly and for top dollar. We are seeing a lot of all cash offers.
The lack of supply and the high demand for housing continue to influence the housing market.
