Modest Home Price Growth

We’re continuing to see home prices rising but at slower (and lower) rates than we’ve had the past few years. Nationwide, median home prices increased just over 1 percent compared to last year, according to the National Association of Realtors, but we’ve seen higher growth throughout the Mid-Atlantic markets.

Stable Mortgage Rates

Rates for 30-year fixed rate mortgages have remained relatively unchanged throughout the year, according to data from Freddie Mac. Rates peaked at just over 7 percent in early January, but as of the end of June, they’re back down to around 6.8 percent.

Relatively Low Supply Although Inventory Rising

Nationwide, inventory has grown from 3.8 months to 4.6 months of supply, but it remains below the 5 to 6 months’ supply that helps balance the market. Instead, low inventory has kept sellers in the lead. With fewer properties for sale, buyers face more competition.

If you’re thinking about buying or selling in the months ahead, let me know. While we’re seeing these trends at a broader level, your local market might be experiencing different shifts. I can help you uncover the local insights and determine your best strategy for real estate success.

Enjoy your summer and I’m here to help if you need anything!