Continued Strong Seller’s Market Drives Home Prices Up in October

-Existing home sales dropped 12.3% between October 2020 and October 2021, even as median home prices rose 7.5% to $245,000 over the same period.

-Year-to-date sales had been running well ahead of last year’s record pace for the first half of 2021.

-Inventory was tight in both rural and urban regions of the state.

-After five months of sub-3% mortgage rates, the 30-year fixed-rate mortgage increased to 3.07% in October.

-The increase in the mortgage rate combined with rising home prices pushed affordability down.