August Real Estate Market Update

August 14, 2023

August Real Estate Market Update

Hey SLO County. Welcome to your August real estate market update. Today we're going to dive into the exciting world of interest rates. And we're also going to check out the latest stats for our beautiful county for the month of July.

Let's get started. All right. Let's talk interest rates first so, Currently, interest rates are bouncing around between 6 and 7%. They've been hanging out in that range pretty consistently and not budging too much. Now, some experts are predicting slight increases later in the year. Others are saying that we'll probably see decreases. But either way, there's no major rate fluctuations expected this year. And where we land ultimately will be determined by inflation. You know, the global economy and the job markets and other various factors that go into what you and I pay for our mortgage interest rates.

Something else to remember on this topic, whether you're ready to jump in the market now or maybe you're waiting for a possible dip in rates. Remember, to really weigh your options. Higher rate market like we're in right now usually means less competition and more negotiating power for buyers. But once rates go down, the competition heats back up. More buyers come into the market to try and make their purchase. And when that happens, you lose some of your bargaining power and a lot of cases you'll end up paying more in terms of a higher purchase price for your house.

Let's take a peek at what's been happening in our county during the month of July. Average days on market was only ten short days. slight uptick from eight days that we saw in June. The median price point $860,000 in July. That's about 1% lower than June. For home sales, there were over 200 homes sold in July, and that's about 8% higher than what we saw in June. There's some solid stuff right there. No major changes from previous months, but still showing an active and vibrant market.

Well, that wraps up our August real estate market update. Stay tuned for our national market update coming up next. And remember, we're always here to help you navigate the exciting world of real estate. Reach out if you need any assistance or have questions. And I'll see you on the next one.

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