May Market Report

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%

𝐖𝐢𝐥𝐥 𝐫𝐚𝐭𝐞𝐬 𝐟𝐚𝐥𝐥 𝐢𝐧 𝐉𝐮𝐧𝐞?

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.