Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
New Listings decreased 18.9 percent for Single Family homes and 16.9 percent for Townhouse-Condo homes. Pending Sales increased 4.9 percent for Single Family homes but decreased 3.5 percent for Townhouse-Condo homes. Inventory decreased 49.9 percent for Single Family homes and 15.7 percent for Townhouse-Condo homes.
Month’s Supply of Inventory decreased 54.5 percent for Single Family homes and 15.4 percent for Townhouse-Condo homes.
Median Sales Price increased 12.8 percent to $208,000 for Single Family homes but decreased 6.4 percent to $127,565 for Townhouse-Condo homes.
Days on Market decreased 32.0 percent for Single Family homes and 11.4 percent for TownhouseCondo homes.
For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
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If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
