Metropolitan Statistical Area (MSA):
There are many factors influencing real estate trends in the housing market, and the Lewiston, ID-WA metropolitan statistical area is no different. The following are some of the most notable trends currently affecting the Lewiston MSA housing market:
1) Low inventory levels are driving up prices - The number of homes available for sale in the Lewiston MSA has been declining steadily over the past few years, while buyer demand has remained strong. This imbalance between supply and demand has caused home prices to rise sharply, especially for entry-level and mid-priced properties.
2) Rising interest rates are cooling buyer demand - Although mortgage rates are still historically low, they have been on the rise since last year. This increase in borrowing costs has caused some buyers to reconsider purchasing a home, or to look for more affordable options outside of the Lewiston MSA.
3) New construction is lagging behind population growth - The population of the Lewiston MSA has been growing steadily in recent years, but new home construction has not kept pace. This lack of new supply is exacerbating the already tight housing market conditions and pushing prices even higher.
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