Demand - and sales - for housing remained strong from January to April last year.
Once rates jumped month after month until they more than doubled, however, demand and sales dropped.
By December, closed sales dropped to 1,464.
That's down 43.3% from December 2021.
Some of that decrease can be linked to 2021 being such a high-demand year. It doesn't account for all of it, though.
First-time buyers are struggling to meet today's prices once coupled with the rate hike that followed.
Move-up or move-down non-cash buyers are hesitant to sell their home and lose the 3% rate they hold right now.
Add a touch of fear about the future of the market and overall economy, and you can see why the numbers are down.
All of this being said, homes sell every day.
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