Because interest rates began to climb in February, the stats from May are really the first ones to show us if there has been an impact. The number of homes sold has decreased slightly, but the shortage in inventory also needs to be taken into consideration there. Houses continue to pend very quickly and prices are not coming down at all, but the frenzy has started to cool a bit. My educated guess is that interest rates will creep up just a bit higher and level out, allowing the market to level out as well. If you’ve been in the buyers market, my recommendation is to move forward rather than hope rates will drop soon. Just my two cents! Let me know if I can help in any way.
Market Snapshot: April 2022