New Listings were down 22.4 percent for single-family homes and 8.3 percent for townhouse-condo properties. Pending Sales landed at 90 for single family homes and 156 for townhouse-condo properties. The Median Sales Price was up 78.4 percent to $735,164 for single family homes and 64.1 percent to $630,000 for townhouse-condo properties. Days on Market decreased 9.7 percent for single-family homes and 22.6% for townhouse-condo properties. In February, prevailing mortgage rates continued to rise. This has a notable impact on housing affordability and can leave consumers choosing between higher payments or lower-priced homes. According to the Mortgage Bankers Association, the average rate for 30-year fixed-rate mortgages with a 20 percent down payment that qualify for backing by Fannie Mae and Freddie Mac rose to its highest level since January 2014. A 4.5 or 4.6 percent rate might not seem high to those with extensive real estate experience, but it is newly high for many potential first-time home buyers. Upward rate pressure is likely to continue as long as the economy fares well
For a complete report regarding February monthly indicators CLICK HERE.
Snapshots below include up-to-date median sale prices by area.
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