This past month brought an interesting shift in the housing market indicating that things are beginning to stabilize.
While August saw existing-home sales dip by 2%, new-home sales increased 1.5% (a four-month high) signifying improved confidence by builders. While this is good news for home buyers, new construction takes time and the industry is still being faced with labor and material shortages, therefore inventory is expected to remain pretty tight for the remainder of the year.
Additional good news for home buyers is that price growth appears to be leveling off (median sales price is holding steady at $390,900), and with interest rates remaining at historical lows now may be the right time for you to put in an offer.
For home sellers it is still a hot market. Demand remains strong and many homes are selling almost as quickly as they are listed (17 days from listing to contract on average). As such, sellers are still getting top dollar for their homes. While these conditions are likely to remain for the foreseeable future, they won’t last forever and you may want to consider maximizing the return on your biggest investment.
With the industry experiencing so many cross currents, it is important to have an experienced agent to help you navigate this market. Whether you are thinking of buying or selling (or both), please call or text me today so that I can help you start developing a plan to meet your needs: 919-291-5704
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