Market Update - August 2022

Market Update - August 2022

  • Gregg Larsen
  • 08/24/22

Time to breathe! The 2022 selling season continues to push ahead but at a more reasonable pace. Market activity has normalized making home buyers (and their agents) happier. There is slightly more selection in the marketplace and prices are holding. Even though interest rates are higher than earlier in the year, they are still at historically low levels. 
 
Finishing up the first half of the year, real estate statistics show a mixed message. Year-to-date, closed sales units are down 11.9 % to 29,592. However, average market time was down 6.5% to only 29 days and the median sale price was up 8.8% to $364,524. The lower number of sales can be attributed to the continued lack of inventory as people can’t buy what isn’t for sale. The rise in interest rates have also helped cool the pace of sales. This is by design as the fed attempts to fight inflation in our economy. As we move through the third quarter, the real estate market continues to make the news. Buyers and sellers are out in the marketplace and transactions continue to happen.