Second half of 2018 housing is expected to remain strong, however, will have perhaps a little more balance. The limited supply of homes for sale was the biggest issue facing the market, and we are now starting to see more inventory come into play. Interest rates are rising slowly, but with the strong economy that has not been enough to deter Buyers. The pool of potential buyers that we were seeing in the spring has subsided slightly. Homes in the first time buyer price range are still hot properties, while the days on market is increasing for higher priced homes. Demand may continue to exceed supply, but a slight increase in inventory will help take some heat off the market.
The July average home price climbed to $224,481 compared to $209,130 a year earlier, a + 7.34 % increase. Local home mortgage rates in July averaged 4.54% for a 30-year fixed rate loan. The rates were up compared to 3.95% a year ago.
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