“The average single-family home in our market area costs 53% more today than it did a year ago due to higher interest rates and appreciation. Last year, a 30-year fixed rate with zero points for buyers with excellent credit was running 2.875%. Today, interest rates are circling 5.5%,” said Linda O’Koniewski, CEO of Leading Edge.

“And buyers don’t want to hear that interest rates were 18% in 1980. Home prices were under $100,000. Today’s buyers must square with today’s reality if they want to buy a home before it gets even more expensive. Despite inflation, impending recession, supply chain issues, and fuel price hikes, locally we have an extreme housing shortage which will keep prices high for the foreseeable future.”