Total Inventory 1184 383
Under contract 170 36
Title Transfer 167 51
The Impact of Rising Interest Rates
From May through June of this year, interest rates suddenly jumped. The 30-year fixed mortgage rate increased more than 110 basis points from 3.35 percent during the first week of May through the end of June before leveling in July. This news struck fear into the hearts of some homebuyers, but is the fear necessary and will rates impact home sales? Industry insiders don’t think so.
Though interest rates increased in a very short time period, they are still historically very low. It is true that a rise in rates may impact some prospective homebuyers from being able to afford a more expensive home. For many however, 4 percent for a 30-year fixed mortgage is still an incredible bargain when compared to previous years. Additionally, housing affordability still remains favorable in many parts of the country. In Rockland County, compared to this time last year: Sales are up 13.2%, inventory is up 5.8% and average sale price is down 0.1%. ($496,599 to $416,067)
Hello my name is Michael Rizzuto and I’m a licensed real estate agent with Coldwell Banker- Regional Sales Office in New City, NY. This column will list the open houses for the upcoming weekend and give the current housing market statistics for Rockland County. If you have any real estate questions, please feel free to Email me at: Michael.Rizzuto@cbmoves.com