Is “balanced” the new buzzword for the current housing market? We’ve heard them all over the past couple of years… red hot, brutal, crazy, and insane are just a few that have been used to label the Crested Butte real estate market. Now that the Covid-19 pandemic is slowly fading, we’re beginning to see a shift in the housing market. Not quite tipping to a Buyer’s Market, but no longer the raging Seller’s Market we’ve been experiencing. We’re seeing a more even playing field which puts Buyers and Sellers meeting more in the middle.
Home prices continued to soar throughout 2022. For the week ending August 20th, home prices nationally shot up 14.4% over this same time period last year. While home prices are still high, the increase in Mortgage Rates over this time last year has also had an impact on the housing market. For the week ending August 25th, 30-year fixed-rate mortgage had shot up from 5.13% to 5.555.
Read more from Realtor.com’s Judy Dutton here: Economists Have A Strange New Buzzword For The Housing Market That Will Shock Buyers And Sellers
For more information on the Crested Butte real estate market, events, festivals, and news, please visit crestedbuttecollection.com. Thinking about buying or selling this year? Give us a call!