As we head into the busiest season in the housing market, many people are asking the question, “will we see buyer demand decrease with rising mortgage rates?” Although we are seeing mortgage rates continue to rise, the answer to this question comes down to simple economics: supply and demand.
Local Housing Supply
Just last year we witnessed historic lows in the available homes for sale regionally. This year, the story isn’t much different. As more and more people continue to move to our area, housing supply will continue to remain low. Reno/Sparks currently has under a month’s supply of available inventory. This is a measure of the number of months it would take to sell through the available home inventory at the current sales rate. Just two years…
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