Real Estate Is Going Crazy and Topsy Turvy

So what’s going on with the real estate market some people call that paradox or Enigma let’s go over a few things and see what’s going on right now trying to make heads or tails of it. it’s 7/20/22 hi Brian Chandler with Remax alliance coming to you from Douglas County Colorado so first thing. Mortgage applications are down from over a year ago they’re down almost 20 percent about this these steps are going to share with you by our firm in men which is a real estate resource and this is important for the nation okay nationwide not for any specific region or state or city or where I live but just to give you an idea of what’s happening out there in the marketplace. So mortgage applications are down primarily because interest rates have gone up from 2.9 percent to 6 percent in the last 6 months so that has made a lot of buyers pause to see what’s going to happen with the marketplace or has taken them out of the market place as far as a potential buyer concerned okay so. Mortgage applications are down inventory is increasing because we are seeing more homes not selling on the marketplace because there are not as many bars as we just talked about okay so. In relation to that so we’ve got an increase in inventory. We’ve got home sales that have fallen for 5 straight months in a row we’re down about 14 percent from 1 year ago from July and 2021 however the median sales price nationally has hit a historic high so inventory’s going up loan applications are down. Not as many homes are selling but the prices are still going up overall that’s the paradox right first-time buyers are represented about 30 percent of the existing and new home sales so despite the economic condition. Brian Chandler | 18551 Mainstreet | Parker, CO 80134 | 720-808-1007 | RE/MAX Alliance 🏆 Please subscribe and feel free to call or text Brian at any time at 720-808-1007, email brian@homesellers.us or visit one of his websites at www.TopParkerRealtor.com 🏆 Links to other websites… __________________________________________________________________________ 🏡 View videos of all homes for sale in Douglas County Colorado here… 📹 Douglas County YouTube Channel @ https://bit.ly/DCHomeVideos _______________________________________________________________________ ❤️More websites and social media links for Brian Chandler. #️⃣ Facebook @ https://fb.me/brianchandlerrealty #️⃣ Instagram @ https://www.instagram.com/4brianchandler #️⃣ Twitter @ https://twitter.com/4BrianChandler