In today’s Boston real estate blog, we’ll examine last months data compared to one year ago.
National Housing Data
First, we’ll look at last month (August 2022) national housing data.
What was the nations average interest rate in August 2022?
The national average mortgage interest rate was 5.95%, up from 2.87% one year ago.
What was the nations unemployment rate in August 2022?
The nations unemployment rate was 3.5%. down from 5.4% one year ago.
Historically speaking, the above numbers are positive. Obviously, interest rates rising so quickly doesn’t bode well for the nations housing market.
Local Housing Market Data
What was the Massachusetts unemployment rate in August 2022?
Massachusetts unemployment rate was 3.27%, down from 5.8% one year ago.
What were Massachusetts housing starts in August 2022?
Massachusetts had 2,469 housing starts in August 2022, down from 3,148 from a year ago.
What was the local housing inventory?
Local housing inventory was 3.760, up from 3.694 from a year ago.
How long was the days-on-market to sell a local home?
Day’s-on-market increased slightly from 18 to 20
Edging on the negative side, but nothing really to be too concerned about. Next month’s data will show if there’s a trend emerging on day’s on market and increased unsold inventory. If so, red flags should go up.