Average Sale Price
- $238,655, Jul 2018, 4.9% increase 1-yr, 37.2% increase 10-yr
- $227,572, Jul 2017
- $173,940, Jul 2008
The year-over-year increase in price for July 2018 compared with the YoY increase in July 2017 is less, so the increase has slowed. The YoY increase in July 2017 was 6.4%. From the MLS chart, the last time that the price increase was this slow was late 2014, so it appears by that measure the market has cooled off a bit, or is just a bit less hot. The price still increased don’t forget. That is good. The last time there was an overall YoY price decrease was 2011.
Months Supply of Inventory
- 1.9 months, Jul 2018
- 11.2 months, Jul 2010 – highest for July in last 10 years.
- 2.0 months, Jul 2017 – last year’s hot market
We are still in a historical seller’s market.
Interest Rate, 30 Year Fixed-Rate Mortgage
- 4.54%, 6 Sep 2018, most recent
- 4.46%, 8 Mar 2018
- 3.95%, 4 Jan 2018
- 3.41%, 7 Jul 2016, 5-year low
- 6.04%, 20 Nov 2008, the last time rate was over 6%
How much has the 30-year fixed rate gone up? It increased above 4% in January this year, reached 4.46% by March, and has held steady since then. The five year low was 3.41% in July 2016. Check out this interactive chart from Freddie Mac:
What To Do, Sellers
Hold tight. The demand is still there.
What To Do, Investors
- Do: Improve / develop what you already own, and get it performing.
- Do: take opportunity to start as a wholesaler / real estate agent / manager.
- Don’t: buy on a variable rate loan.