Existing Housing

The Knudson File: Existing Home Market for MARCH 2022

Existing homes Sales continue to pull back due to record low available homes for sale and due to increasing interest rates. 

Rising mortgage rates will slow future home sales but in the immediate short run, there is a rush to buy as near-term home buyers rush into the market to purchase BEFORE mortgage rates rise further. 

The Knudson File: Existing homes, Sales, and Price Appreciation

Since Sept 2021 the number of EXISTING home sales has gone flat as mortgage rates hovered in the 3.25%-3.75% rate and materially dropped off in February 2022 as rates went above 4.0%. Overall sales remain substantially above the level that prevailed prior to COVID-19. When COVID-19 first hit in March, sales plummeted but soon spiked to record levels in the following months. It is worth noting, Existing home prices reached record levels in June 2021.

LANDCO Real Estate