Last week, the number of houses for sale was DOUBLE what it was a year ago but it was still only HALF (56%) the amount for the same week in 2019 (pre-pandemic).
I'm seeing more price cuts in my area right now. I've seen reports that sales on the bottom end of the market (below $500K) have fallen off a cliff and properties listed $500K+ are still selling strongly. This is why the median price of sold homes continues to rise. It's not so much that overall home values are rising. The media sold price is rising because of *what* is and what is not selling right now. I suspect that buyers of homes below $500K rely more on mortgages to purchase than buyers of expensive homes. Thus, the lower end of the market is more susceptible to rate increases.
I'm seeing more price cuts in my area right now. I've seen reports that sales on the bottom end of the market (below $500K) have fallen off a cliff and properties listed $500K+ are still selling strongly. This is why the median price of sold homes continues to rise. It's not so much that overall home values are rising. The media sold price is rising because of *what* is and what is not selling right now. I suspect that buyers of homes below $500K rely more on mortgages to purchase than buyers of expensive homes. Thus, the lower end of the market is more susceptible to rate increases.