June was National homeownership month. Lawrence Yun, Chief Economist at the National Association of Realtors® (NAR), was recently quoted saying that “in the second half of the year… more favorable mortgage rates are expected.” NAR forecasts that rates for a 30-year fixed mortgage will drop to 6.0% by the end of the year and to 5.6% in 2024. This is a softening of the NAR position at the beginning of the year, when they projected a rate in the mid 5% range to end this year. That just goes to show you how much can change over a few months.
The number of homes sold increased compared to the previous month, indicating a growing interest in the area. The median sale price also saw a slight decrease but is way over from the previous year. There still is a very high demand and limited inventory. Looking ahead, we expect the real estate market in these towns to remain competitive during the summer months.
It is a very favorable seller's market and it is not too late to jump in! Give us a call today for a complimentary market analysis to see your home's value.
