Mortgage Rates Pop

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As we mentioned last month, mortgage rates are on the rise. What we didn’t expect, and I don’t think anyone else did either, was that they would jump by half a point in three days.

Rates have since been retreating, but the long term trend is for rates to increase.

Initially, when mortgage rates begin increasing, many buyers who have been on the fence come into the market thereby boosting demand.

We expect sales and prices to increase over the next two months.

To read the full report: http://hartland.rereport.com/

 

Trends at a Glance

(Single-family Homes)

 

Jun 13

May 13

Jun 12

Median Price:

$   816,000

 $   830,000

 $   691,500

Average Price:

$1,028,130

 $1,044,490

 $   901,687

Home Sales:

1,027

1,101

1,147

Pending Sales:

1,367

1,458

1,821

Inventory:

1,194

1,113

1,392

Sale/List Price Ratio:

105.5%

105.8%

101.8%

Days on Market:

21

22

35

Days of Inventory:

34

30

35

The Real Estate Report provides an automatic, easy to use, property analysis feature, a mini-CMA. You can access it in the Property Analysis tab. Input your address and get a list of properties around yours that have recently sold or are currently listed for sale, all on an easy to read map.http://hartland.rereport.com/ to see an example.

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