Average and median sales prices are up significantly year-over-year once again. We’ve seen a sizable increase in the number of homes offered for sale–alleviating some of the pressure for buyers as the selection of homes for sale improves. Time will tell if interest rates, having climbed a full percentage point in the last month, will dampen or increase homes sales as we head into the seasonal August before-school-starts rush. The rate increase may price some buyers out of the market and cause others to race to the finish line in fear of rates going even higher. Only time will tell how the market reacts.
Data prepared and analyzed by Julie Barrows, owner of Windermere Real Estate/Mercer Island http://www.WindermereMercerIsland.com. For questions or comments, email Julie at email@example.com.