Why Median Home Sales Price Is Confusing Right Now

As a real estate agent, I've been following the recent news about the median home sales price. I know that this can be a confusing topic for some people, so I wanted to take a moment to explain why the numbers may seem to be conflicting.

What is the median home sales price?

The median home sales price is the middle price of all homes that sold in a given month. This means that half of the homes sold for more than the median price and half sold for less.

Why is the median home sales price confusing right now?

The median home sales price can be confusing right now because it's being impacted by a number of factors, including rising mortgage rates and the increasing availability of lower-priced homes.

Rising mortgage rates: Rising mortgage rates make it more expensive to buy a home, so some buyers may be priced out of the market. This can lead to a decrease in the median home sales price, even if the value of each individual home is rising.

Increasing availability of lower-priced homes: As more homes come onto the market, there's a greater selection of lower-priced homes available. This can also lead to a decrease in the median home sales price, even if the value of each individual home is rising.

What does this mean for me?

If you're thinking about buying a home, it's important to understand the factors that are affecting the median home sales price. This will help you make an informed decision about when to buy and what price range to target.

If you're concerned about rising mortgage rates, I encourage you to talk to a lender. They can help you understand how rising rates will impact your monthly mortgage payment.

I also encourage you to be patient and do your research. There are still great deals to be found in the housing market, but you may need to be willing to compromise on some of your must-haves.

If you have any questions about the housing market or the buying process, I'm here to help. I can help you understand the latest trends and find the right home for you.

Contact me today to get started.