Prices rising, but market is stable in local real estate

The Greater Capital Association of REALTORS reported that pending sales in

the area decreased 0.6 percent from August 2013 to 885 for the month. Percent

changes that small indicate stability. The number of homes for sale this year

was lower than last year causing inventory levels market-wide to dip nearly 4%

percent to 8,282 units. As a result, prices continued to rise. The median sales

price increased to 3.6 percent to $210,000 . Prices are dictated partly by supply

and demand forces, but they're also based on what's available for sale and

consumer preferences.


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