Financing costs are an obvious factor in the decision to buy a home. With mortgage rates rising over the past six months and home prices rising over the past two years, buying a home had become more of a stretch for more people.

Lower mortgage rates will put more homes within reach. A slowing rate of price appreciation will also contribute to continued affordability. On the latter, the National Association of Realtors reports that in August existing home sales were up a strong 4.4% to 5.48 million units on an annualized basis. Sales were driven by higher inventory, and also by slowing price appreciation. The median price of an existing home actually fell slightly to $212,100.

We've reported in recent weeks that we are seeing slowing price appreciation in many markets. But prices are still appreciating, and we expect them to continue to appreciate in most major markets. This is another reason we see risk in procrastinating. Yes, price appreciation is slowly, but prices are still moving higher.

Eventually, rising prices will be coupled with rising lending rates. The home that's affordable today will be less affordable tomorrow, and even less affordable a couple years down the road.

 Courtesy of Jessica Regan.

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When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

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