Home prices were up during summer across the nation in year-over-year comparisons. With the economy on full mend, Federal Reserve Chair Janet Yellen has predicted a fine-tuning of monetary policy before the year ends. In tandem with the improved economy, the unemployment rate for July 2015 remained at 5.3 percent for the second month in a row. It is widely believed that interest rates will go up before the year is over. Generally, this does not happen without careful consideration for the impact such a move will have on residential real estate.
New Listings were down 16.0 percent for single family homes and 21.6 percent for Condo/TIC/Coop properties. Pending Sales decreased 3.9 percent for single family homes and 10.5 percent for Condo/TIC/Coop properties.