As expecteed, the Fed raised the rates at its last meeting, and the response was muted. The supply is not likely to change without a sustained downturn in the economy, particularly the local economy. That is unlikely in an election year with many people expected to come to town. Further, the local economy Is booming, with no downturn in sight. There is still a lot of cash floating around, and dot-com capitol is also visible.
Many buyers seem less beholden to point changes.
Rents are exorbitant, if you can find a place to rent at all. For many, purchasing remains a better option. The key question on the minds of all real estate watchers is whether the record real estate market will continue. Our early indications are that it will, sustained by low supply, high demand, and barely affected by interest rates. The housing market, however, looks very different.