Indeed, Fewer Homes Went Under Contract This Summer Than Last


Indeed, Fewer Homes Went Under Contract This Summer Than Last
By Scott Rogers • September 7, 2022
Indeed, as is shown rather clearly above, fewer buyers signed contracts to buy homes this summer than last. When I'm talking summer, in this instance, I'm referring to June, July and August... This Summer = 384 contracts signed Last Summer = 454 contracts signed So, about 15% fewer contracts were signed this summer than last. Why? A large part of it is likely the higher mortgage interest rates. This Summer = 4.99% - 5.81% Last Summer = 2.77% - 3.02% But despite fewer houses going under contract this summer than last... Most homes are still going under contract very quickly. Home prices seem to be steady or rising. Inventory levels are rising a bit but not significantly. If mortgage interest rates remain as high as they are now, it is reasonable to assume that home buying activity will continue to be a bit subdued this fall compared to last fall. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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