August was the best single month for home sales in 5 years. The last time there were more homes sold was August of 2007, the height of the housing bubble. Last month we saw 129 residential homes sell in Cache County, up 33.33% compared to August of last year, and up 30.23% compared with last month.
Not only are we seeing an increase in the number of home sales, but home prices are also rising. Of the homes that sold last month, prices were up 8.75% compared with July. The median sales price was $169,900 while the average price sold was $193,375. Overall, active listings are also priced higher than they were a month ago. The current average list price of Cache County homes is $227,573, up from $225,206 in July.
The numbers are indicating that home prices in Cache County will continue to increase in value. Real estate inventory is still declining, and the number of pending home sales continues to remain high. We haven't seen this few homes for sale during September since 2006.
Interest rates are still at historic lows, it's a great time to start shopping for real estate before home prices rise much more. Use this link to get started with your home search now.
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