Sales are steady, although existing home sale prices edged a bit lower year over year in May. This is a promising sign for home shoppers, and experts do not expect nationwide price declines anytime soon. In May, although prices elevated in the North and Midwest, prices did fall slightly in the South and West. The Good news for Solivita homeowners and buyers, is housing prices in Solivita have remained steady.
Thanks to an uptick in mortgage rates and elevated home pricing mixed with the housing affordability crisis, bank sector volatility, inflation, and the debt ceiling drama there is a strain on the housing market. Homes remain on the market for more days than most seller’s desire but are selling, even with interest rates sticking between 6% and 7%. Housing supply is holding steady despite the explosion of new homes being built, therefore the market is being sustained by low supply and a high pent-up demand.
Single family home construction starts rose for the 3rd consecutive month indicating builder confidence is steady. A good sign. New home construction is taking on an increased role in the marketplace because many homeowners with loans well below current mortgage rates are electing to stay put, keeping the supply of existing homes for sale at a low level. Best news, if you do not need a mortgage, now is still a great time to buy.
