Summertime Blues
The month of June witnessed the first decrease in interest rates in over three years. Despite this favorable economic indicator, there was still a noticeable dip in sales activity and average prices for both single-family homes and townhouses. Surprisingly, the condo sector defied this trend, showing an increase in average value both month-to-month and year-over-year. This sector stands out as the most affordable and attainable product type currently available in the market.
While sellers might be experiencing the blues this summer due to the sluggish sales, buyers are presented with a unique opportunity. This season has ushered in a buyer’s market, characterized by an increased supply of available homes and a broader selection to choose from. Additionally, the power to negotiate is now tilted more in favor of buyers, allowing them to potentially secure better deals. However, this favorable window may not last long.
