Single-family home sales were down over 15% compared to April of last year. This is due to a rapid rise in mortgage rates.
It is unreasonable to think the market will perform just as well as last year now that we are in a high-interest rate environment.
In fact, we have over 60% fewer single-family homes listed than we did 2 years ago. It is certainly going to be a long road back to a balanced market.
According to NEFAR’s May 2022 Market Review
Active Inventory of single-family homes is 3257 – up 10.5% from the month before
Median days on market was 14
It is still very much a sellers market. If you were one of those sellers that took advantage of the ideal time to sell then the article below will be of some interest as I have highlighted some important tips for after such an important financial transaction. Also please watch the next video about Portability tax as it can certainly save you some money.
