Funkhouser Report Weekly - May 13, 2020

Mortgage Purchase Applications greatly increased this week showing that purchaser's are coming back into the market to take advantage of low interest rates.  If this continues locally, we expect to see an increase in the pace of contracts and perhaps a full recovery in any market slowdown that has been experienced due to COVID-19.  

Median home price increases outpace previous years due to a continued lack of housing supply.  This is also causing the median days on market to be unusually low.  Homes are selling faster and at a higher price than in previous years.  In fact, home prices are up about 8% over last year which is on pace with the state and national average.  This is a great opportunity for anyone looking to sell their home. 

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Harrisonburg - Rockingham County

Page County

Shenandoah County

Staunton - Waynesboro - Augusta County