Interest Rates Hit a New High for this Year, but so did the Average Sale Price!

Posted by Lauren Perreault on Monday, May 29, 2023 at 12:01 PM By Lauren Perreault / May 29, 2023 Comment

With some retail Banks advertising the 30-Year Fixed rate at 6.625% to 6.75% over the past couple weeks and most other lenders Above 7%, we should start seeing less market activity. However the New Transactions this last week remained Strong and Consistent for about the 5th week straight.
The Average Sale Price Rose Another 1% vs the previous week (the highest number we've seen so far this year), but was relatively unchanged at 0.6% Lower than the same time Last Year.
The Supply of Homes available to purchase Increased by Another 4% this week, but with fewer homes being listed for sale, the rate of growth this year is below the increases we saw last year at this time.