Buyers have more listings to choose from in our Tampa Bay market. Available Listings are up 29% and Pending Sales are down 11% from the same time last year. But it’s still a sellers’ market and we are a long way from a balanced market.
Mortgage Rates Continue to Move Up
Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year. The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.
