See below.Really bad news. In last 14 years the largest Fed rate increase was 1/4 point (25 basis points). Now we have confirmation from the Federal Reserve Chairman that in May we will have a 1/2 point (50 basis points) increase.
May---50 basis points increase. See article below.
Newest rumor is that the following next two monthly rate increases may be 3/4 points each (75 basis points). Conclusion---if you are thinking of buying---buy now.
June---75 basis points increase
July---75 basis points increase
See below. Not good news. Home interest rates have doubled since January 2021.
See below. Even with rising home interest rates---inventory of homes for sale is at a 10-year low. Shortage of homes for sale will cause home price appreciation to remain high. Zillow predicts next 12 months will see, nationwide, homes to appreciate by 14.9%. .....yikes!
See chart below: MARYLAND (see below). Homes for sale are scarce.
See "gold" and "orange" dials below. SUMMARY: Seller's Market.
See chart below. MARYLAND home prices are still rising fast---although price increase has moderated somewhat.
Now 9.5% annual appreciation vs. previous 12.3%.
Note: inflation for previous 12 months was 8.5%.
See chart below. MARYLAND saw a decrease in number of homes sold this year when compared to 2021. Why? Not enough inventory of homes to buy.
See chart below---by Zip Code and Corresponding City
The 101 zip codes/communities in MARYLAND experienced an increase in appreciation of Only 3.9% in past 12 months. Inflation was 8.5%.
Past monthly, Housing statistics for Northern Virginia, Maryland and DC can be found at: www.DMVhousingStats.comarchive goes back several years.
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TOBIN SEVEN, Principal Broker (Realtor) / Army Veteran --- Licensed in Virginia, DC and Maryland. Eagle Scout.
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