Real Estate Market Update – July 2022 – Central MN #4
Supply and demand have always dictated the pricing of goods, including homes. With this ever changing market that we are currently in how will home prices be affected in the coming months? And will we be seeing a market more like before 2020? Hi,
I’m Paula Quinn with RE/MAX Central. Let me show you what experts are saying about the future of the market. First, let’s take a look at demand. This graph clearly shows a downward trend back to what we saw before 2020. We see that with all the changes that 2020 and 2021 brought from interest rates to us viewing our homes differently, it caused a major increase in demand for housing. But now in 2022 I am seeing demand and sales begin to drop. I also know that lower interest rates drove some people into the housing market and the rising rates are now driving many of those same buyers back out.
Now ShowingTime, which is scheduling software used by realtors is also showing a decline in demand. And it does not even show the most recent months which actually have lower numbers. So overall experts are definitely showing a market shift in 2022 back to the kind of market we saw prior to 2020. Stay tuned for more information about the future of the real estate market.
I’m Paula Quinn with RE/MAX Central. I’m here to help you with your buying and selling needs. Remember, I want you to love where you live.
Real Estate Market Update – July 2022 – Central MN #4