A new report by Evers & Co. Real Estate President Donna Evers says housing prices in the region rose by 9.1 percent last month from September last year.
But the “big chill” some housing analysts are predicting appears to be playing out as sales have slowed and houses are staying on the market longer.
“While rising prices are a positive reaction to the big spring market, if inventory continues to grow, prices could also retreat,” said Evers. “On the other hand, with our strong local economy, record-low mortgage interest rates and, most recently, an improving stock market, we should see a boost in consumer confidence, which could lead to stronger sales.”
Evers predicts inventory will start to decline and prices will continue to rise if not this fall, “then certainly in early spring.”
