Are home prices going up?

Good news for sellers - median sales price is stable year-over-year and at a higher level than the last few months.

This statistic is mostly driven by stable prices for single-family home, condo and townhome resales compared year-over-year.  

Pending sales are up to 3,116 back to levels of early 2023 with new listings and active listings equally on the rise.

Average days on market are still 80 days, but keep in mind that this is an average and the time on market will vary house to house. A good house that is priced right might sell within a week or less. We just closed on a house with buyer clients and the house was taken off the market within a few days of listing.

What does this mean for buyers in May or this year?

If you are considering to buy this year, there are a few things you can do amidst interest rates still being on the higher end before price increases:

• Motivated sellers are still offering rate buy-downs

• Builders are offering amazing incentives, we’ve seen as high at 5% contribution from the builder.  

• Some new builders are still offering free re-fi’s if you work with their preferred lender

• If you have the opportunity to buy a house with cash, this is the time.  In a few years you could do a cash out re-fi if needed.  Deals are still to be had.  

• As mortgage rates fluctuate, a difference in 1/4 - 1/2 point can mean savings of 3-6% on monthly payment. With Days on Market still far away from the 15 days we have seen in 2022, it is possible to procure a home and let the rate float until there is a bigger dip

The lawsuit against the National Association of Realtors

You may have heard about the lawsuit against NAR, we talked about it in our previous newsletter.  As we get closer to when the settlement is expected to take effect we still do not have any clear answers on what the end result will look like.  We will keep you informed.  

In the meantime, please reach out to us if you have any questions on the market or how you should navigate timing, pricing and contracts for buying and selling.

As Real Estate Professionals we stay committed to helping you with your real estate needs!