Home sales in Springfield continue to rise.
In September, 366 homes were sold as compared to 319 homes sold in September 2012, reflecting an increase of 14.7 percent. October sales have looked good so far as well, according to Steve Myers, President of the Capital Area Association of Realtors.
“We’re seeing a little strength in the market now, this month of October with sale prices hopefully going to climb and inventories are down. It’s becoming more of a sellers market.”
Myers says the trend of rising mortgage interest rates and a tighter inventory could be pushing more buyers to make a move. He adds that a conversation with the Springfield Area Homebuilders Association went well, with optimism of more homes being constructed in the area.
“They’re hearing good things from their members as well. We believe if inventories shrink…people might look at the possibility of building homes going into the future.”
For the month of September 2013, the median home sale price was $112,300, reflecting a decrease of 2.3 percent from the September 2012 price of $115,000.
“Some in the industry believe that there was a slight increase in mortgage interest rates, and that, coupled with the fact that there are certain segments of the single family market, if you will, that we do see a few shortages.”
More information on the Capital Area’s real estate Information can be found at www.SeeHouses.com.