The National Association of Realtors is a great resource for information about housing trends and market activity. Each year, NAR surveys buyers and sellers who completed a residential real estate transaction over the course of the prior 12 months. The resulting report helps us to better understand what’s happening in the market. This year’s NAR report contains lots of interesting data.
The take home message is this - most home buyers have to secure financing in order to make a home purchase, the income needed to qualify for financing at current interest rates is higher than the typical Pierce County household earns so high interest rates are limiting the number of potential home buyers in Pierce County.