Year-over-year, average sales prices are trending slightly down by only 1.6%. Existing inventory up by almost 100%. But with mortgage interest rates trending higher from the mid-5% range to nearly 7% today, buyers realize that home sales prices are staying relatively steady combined with more to choose from, it makes sense to buy a home. Where is the money coming from? Cash buyers account for 16% of the sales according to the recent stats produced by Empire Title. VA buyers account for 25%, so a quarter of our local home sales are produced by the military. FHA loans are at 12% – the down payment for FHA loans is much lower than for Conventional loan buyers that are at 44% of the local sales. Whose buying? According to National Association of Realtors, 26% are first-time homebuyers. Baby Boomers remain the largest generation of home buyers at 39%. Gen Xers have the highest household incomes at $114,300, followed by Older Millennials with a median household income of $102,900. 14% of home buyers purchased a multi-generational home. |