As expected, Average and Median Sales Prices have increased dramatically year-over-year once again. The inventory of homes offered for sale continues to increase from month to month—although it is still down from July of 2012.
Interest rates have stabilized at 4.375%, down from a 2013 peak of 4.625% on July 8th of this year, but up a full percent from the 3.375% at the start of the year. The rate reduction has provided a small reprieve for home buyers shocked by the rapid rise in rates. While higher than the start of the year, they are most likely lower than they will be as the year progresses and rates climb as anticipated.
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 firstname.lastname@example.org.