This week we highlight how the housing market has become more stable, due to rising home prices. Although rising home prices may be a threat to home affordability, it’s still a good sign for real estate. We also give insight into the upcoming trends for mortgage rates. Low mortgage rates have been a huge factor in the success real estate has had in 2015; however, it looks like they’re finally going to increase next month. Lastly, we highlight how Washington didn’t make the cut for the U.S. top 20 most expensive housing markets.
My team is happy to answer any questions about the current real estate market or to discuss what is most important to you whether you are looking to buy, sell or invest in today’s market.
The housing market is secure and stable now. Sales for new homes climbed 10.7 percent in October after seeing a decline in September. Low mortgage rates have contributed to the increases in home sales and interested buyers.
Low mortgage rates have been good for the housing market. They have been a huge contributing factor in the successful real estate year; however, this will soon be changing. The Federal Reserve is said to be increasing rates next month. This article gives insight on what’s to come.
Home prices are rising at a fast pace. Although this may be a threat to home affordability, it’s a sign of strength coming from the housing market after it slowed this fall. This is a good sign for real estate and especially for home sellers.
Mercer Island is one of Washington’s most expensive markets with a four-bedroom home averaging at $1.06 million. However, California seems to be taking over the U.S. top 20 most expensive markets. Newport Beach ranked number one.