NORTH DAKOTA (KXNET) — Interest rates are still sitting above 6% nationwide, which means monthly mortgage payments will continue to be high for new home buyers.
And with these high interest rates, house prices are dropping only slightly in North Dakota.
According to Zillow, most house values in our state have gone down about $20K on average over the last few months.
This similar trend is happening beyond our state too.
So it is a buyer’s market or a seller’s market?
Experts say it’s neither.
Jack Liebersohn, UCI assistant professor of economics, says, “From the perspective of buyers, yes prices are falling, but interest rates are a lot higher which made it a lot higher to buy a home. From the perspective of sellers, the prices are falling, which isn’t great. However, at the same time, a lot of sellers have locked in low interest rates. As a result, they aren’t willing to sell homes that they might otherwise sell.”
He says it’s a really unusual situation to have prices falling at the same time that home sales are way down.