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The July numbers are starting to trickle in and as you can see below the prices haven't been impacted yet by the increase in interest rates and inventory.
The Fed just raised its rate .75% again. Did you see what happened to mortgage rates? They dropped from 5.54% last week to 5.05% on Monday after a high of 6.28% on June 14. That was very interesting to me. Just goes to show you that rates can go up or down and it doesn't always follow the Fed.
So what's causing this level of ongoing price appreciation?
While it is growing, the supply of homes for sale is still not enough to meet all this pent up demand.
If you’re worried home values will fall, rest assured the supply and demand is why we will continue to see home price appreciation. That means home prices won't decline.
How long can we sustain the current levels. No telling. At some point as inventory grows it’ll just happen at a more moderate pace.
Let me know if there is anything you need.
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