The Harrisonburg-Rockingham housing segment continues to experience one of the strongest markets in recent years. Annual home sales continue to be up over 21% over the same time period last year.
Year to date home prices continue to creep up.
Homes that sell in this market are doing so at a quicker pace than the previous year. If a property is placed on the market with the right marketing plan, including proper pricing, it should go to settlement in just over four months.
Home Sales represents the number of closings in the given month. October home sales were up over the previous month and outperformed the previous three years. We expect home sales to level off over the coming months.
October experienced a dip in contracts when compared to last year. This can most likely be contributed to the uncertainty created by the government shutdown.
The past six months have been a wonderful opportunity for sellers to see activity on their homes. Inventory is down from October 2012, and will probably continue to decrease over the winter months.
Interest rates took another dip in October, and continue to be extremely favorable. We expect to see interest rates increase over the coming months. They are continue below historic averages, and offer an opportunity for today’s buyer to make their housing more affordable over the long term of ownership.