Overall, June was a relatively uneventful month for the local housing market. That said, there are signs of changes coming…
Mortgage interest rates jumped up in the middle of June but regressed back down to around 7%. The expectations from Fannie Mae, the Mortgage Banker’s Association, and the National Association of Realtors are that rates should continue to move downward to around 6.8% by the end of this year. Lower interest rates could provide some much-needed improvement to housing affordability and potentially lead to more home buyers entering the market.
The most notable trend is the continued rise in housing inventory. The number of active/unsold listings in Knox County is 30% higher than it was a year ago. Higher housing inventory should continue to put downward pressure on home prices, but for now, the high demand for homes in our area continues to push home prices slightly higher.
Interested in what your Knoxville area house is worth right now? Get an online home value report in just minutes
Leave a Reply