May Market Report
Tuesday, June 7th, 2022
๐๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ | Year over Year Change
Central Corridor
Median Sale Price $437,500 | +2.8%
Median Price per/Sqft. $243 | +13.6%
Homes Sold 198 | -1.5%
Average % of List Price Paid 102.% | +1.6%
Median Days on Market 8 | -38.5%
Months Supply of Inventory 1.6 | -23.8%
๐๐ข๐ฅ๐ฅ ๐ซ๐๐ญ๐๐ฌ ๐๐๐ฅ๐ฅ ๐ข๐ง ๐๐ฎ๐ง๐?
The first quarter of 2022 saw a spike in mortgage rates. The 156 basis point (1.56 percent) increase was the fastest three-month increase since May 1994, according to Freddie Mac.
Interest rates may continue to rise as the pandemic's economic impact fades, inflation rises to 40-year highs, and the Federal Reserve announces an aggressive policy strategy.
With the Fed announcing future rate hikes, mortgage markets have likely already factored in a significant portion of the impact. If the economy encounters headwinds, a surge in positive Covid instances could result in some weekly drops.
Experts from the Mortgage Bankers Association, the National Association of Realtors, and other industry experts disagree on whether 30-year mortgage rates will rise or remain flat in June.
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