It appears the higher interest rates are affecting real estate sales. Compared to the interest rates we’re used to then today’s rates seem high. But if you look at historical mortgage rate data 6% is sort of a sweet spot. Not too high and not so low people go crazy. The prices continue to climb but more sellers are lowering list prices and learning to negotiate again.
The chart below shows real estate activity from January 2022 to September 2022. You will see data comparisons between September and the previous month, the last three months, and September 2021.
The median sales price in September 2022 was $256,000, down -5.19% from $270,000 in the previous month and +2.44% higher than $249,900 in September 2021.
The September 2022 median sales price was at its highest level compared to September 2021 and 2020. The average sales price in September 2022 was $310,526, down -3.42% from $321,534 from the previous month and +6.17% higher than $292,487 in September 2021.
Listing, sales, and closing from 9/20 – 9/26 were almost as high as April 2022. So while the market steadies itself- housing is keeping with sales and closings.