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June 2022 Market Shapshot for the Triad
Dated: July 13 2022
If you're thinking about selling your home, it's important to have a good understanding of what's going on in the Piedmont Triad real estate market.
Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell your home.
Our market report showcases everything you need to know about local real estate trends.
Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.
New Listings increased 3.9 percent for Single Properties but decreased 23.3 percent for Townhouse/Condo. Pending Sales decreased 27.8 percent for Single Properties and 38.2 percent for Townhouse/Condo. Inventory increased 32.7 percent for Single Properties but decreased 1.5 percent for Townhouse/Condo.
The Median Sales Price increased 20.4 percent to $295,000 for Single Properties and 24.0 percent to $223,000 for Townhouse/Condo. Days on Market decreased 18.8 percent for Single Properties and 35.0 percent for Townhouse/Condo. Months Supply of Inventory increased 44.4 percent for Single Properties but remained flat for Townhouse/Condo.
With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.
All data from Triad MLS. Report © 2022 ShowingTime.
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