Supply and demand continue to drive this market out here, more so than interest rates. Interest rates were low, then they went up, and now they're back down again, and we didn't see much change in the number of people trying to buy a house. |
We're still not in a buyer's market. We're somewhere between a neutral market and a seller's market. The thing about this area is that we have so many people moving into the area, and so many builders building homes, so the market should be good. |
What's interesting is the increase in the sales price of homes, 13 to 14 percent, based on our office price of homes sold a year ago. Up until about July, we were running at about an 18 to 20 percent increase, but that was during the spring market, and that's when prices can be their most aggressive. |