August 2018 average sales price for new & existing homes combined ($239,647) is 6.5 percent higher than August 2017. There were 4,075 home sales (new & existing combined) for August 2018 - 4.9 percent higher than last August (3,886). Home inventory (new & existing combined) for August 2018 (8,667) is 1.3 percent lower compared to August 2017 (8,781). The supply of new and existing homes for August 2018 remained at 2.5 months representing a home market favoring sellers.
Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown cause prices to crash? Let’s try to answer these questions based on what has happened in the past as well as what we know about the current real estate market. The Impact of Rising Interest Rates We explained earlier this year that rising mortgage rates have not negatively impacted home