Home sellers rejoice – housing market gets red hot

Average home price up by 10%

YUMA, Ariz. (KYMA, KECY) - The housing market is red hot right now. The combination of with high prices and low interest rates has many real estate agents working overtime.

Ed Sexton, operating partner at Keller Williams Realty in Yuma says his agents have sold just as many units this year as they did last year, in spite of the pandemic.

"Prices have gone up, believe it or not, about 10% this year overall in single-family homes and about 9% overall in the market here," Sexton explained. "So, where we were around $200,000 for an average home price in Yuma, we’re now sitting at around $230,000."

It's not only about the price of the home. Interest rates remain attractively low, sitting at around 3%.

Ed Virden recently sold his home in Yuma. He says the low interest rates made his house attractive and affordable.

"The home was on the market for approximately 10 days, and about 50% of the people who walked through actually did present an offer," Virden said.

Sexton says the current interest rates can really save a buyer cash.

"If you had bought a house in 2018 in Yuma, Arizona at the average price there, put 10% down and you did the same thing today - although the prices since 2018 have gone up about 16% - your monthly payment would actually be lower today because of the low interest rates."

If you're thinking about buying, or selling, a home, you won't want to miss April Hettinger's full report on the current market. You can catch it on 13 On Your Side at 4.