Sales were robust in Q1 for all property types, but the supply of house listings in particular was very low. However, as of March 31st, mortgage interest rates have skyrocketed 50% in 2022, with a particularly large jump in March. Because of the time involved in the home-buying process – the search, loan qualification, going into contract, escrow, closing sale – any significant effects of the recent spike won’t show up until Q2. Rates may stabilize, rise further, or drop back down – they can change very quickly – and the exact, follow-on effects are unknown.
Watch the video above to hear my take and see all the supporting data below. For more answers to your questions feel free to reach out to us anytime. We are here to help you figure out this market!