Jeff van de Bennet's blog
The average number of homes sold in May is up over the last 10 years, averaged homes sold 146. This May 175 sold.
An increase of 20%
Total listings 14% below last year.
Almost 10% fewer homes sold this May but last year May/2021 had the most sales in the last decade.
Of the homes that sold, they averaged 38 days on the market!
Average house sale price of what sold this year May was up to almost $340,000.
The market is changing all the time and it is very busy.
The big news in the mortgage world these days has been the steady increase in fixed mortgage rates.
Since the start of the year, fixed rates have risen approximately one percentage point, or 100 basis points.
As a general guide, for every 0.25% increase in mortgage rates, your monthly payment will increase $12-$13 per $100,000 of debt.