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The inventory of homes has started to creep up ever so slightly over the last 2 weeks. This uptick in new listings is typical for this time of year so it is not unusual to see more homes come on the market. Currently it is still a sellers market with multiple offers, bidding wars and fast sales. The new variable that will likely have an impact on the market long term is rising mortgage rates. The rate for a 30 year fixed mortgage is now over 5% for the first time in years causing many desperate buyers to pursue Adjustable Rate Mortgages in order to afford record high homes prices. As the rates go up it is likely that downward pressure on home prices will start to cool off the market. So we may not see another 20% increase in prices this year.
