July Market Report | Year over Year Change

Central Corridor

Median Sale Price $400,000 | -2.7%

Median Price per/Sqft. $237 | +5.8%

Homes Sold 193 | -36%

Average % of List Price Paid 101.7% | +0.9%

Median Days on Market 26 | -13.3%

Months Supply of Inventory 1.7 | -22.7%

Active Listings 331 | -29.6%

Mortgage Rates Dip Below 5% Giving Buyers More Confidence

After weeks of escalating borrowing costs, home buyers are getting a second chance to lock in lower rates. Freddie Mac reports that the 30-year fixed-rate mortgage fell to an average just below 5% for the week ending Aug. 4.

“With rates dipping recently, mortgage applications are increasing for the first time in five weeks, the Mortgage Bankers Association reported this week. National applications for a home purchase increased 1% last week following weeks of declines as home buyers, and refinancers got spooked by higher mortgage rates.” - NAR

Quick Facts

• 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.8 point as of August 4, 2022, down from last week when it averaged 5.30 percent. 2.77% average a year ago.
• 15-year fixed-rate mortgage averaged 4.26 percent with an average 0.6 point, down from last week when it averaged 4.58 percent. 2.10% average a year ago.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent with an average 0.3 point, down from last week when it averaged 4.29 percent. 2.4% average a year ago.