Greetings and Happy Summer!
Second quarter statistics show a healthy “leveling” of our local real estate market. The very tight housing inventory that has prevailed the past 2 + years (skyrocketing values) is loosening. We currently have 290 residential homes on the market – that’s 326% more than the 68 homes available a year ago, but still fewer than a “normal” summer market. There are 27% fewer homes under contract than a year ago, and the number of homes sold was down 6% from 2nd quarter 2021. Prices rose a little over 4% second quarter and the average home sale went up to $495,000. The average price per foot however – which reached a high of $227 per foot in April, dropped back down to $214 in June.
The real estate market is still robust and homes are still selling, but the added inventory is creating competition and a more positive buying climate. Multiple offers are much less frequent and some negotiations on price, necessary repairs and even closing costs are once again in play.
The 30 year fixed mortgage interest rates have teetered between 5.5-6.5% the past 3 months, but the 30-year benchmark rate today is 5.62%. Adjustable rate mortgages (7 & 10 year) are offering much lower rates – but with some risk involved of course; and shorter term fixed rates are also more favorable.
The world is interesting right now on so many levels, but it’s a beautiful world filled with many wonderful people. Cache Valley is a lovely place to be.
Enjoy your summer!!