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The average pricing for February increased 21% since last year, yet remarkably, sales haven’t dropped off much – what other industry could be so price insensitive?

Year
Feb. Sales
Avg $/sf
Avg DOM
30Y Mortgage Rate
2006
189
$482/sf
64
6.25%
2012
174
$375/sf
92
3.89%
2013
188
$399/sf
68
3.53%
2014
169
$484/sf
55
4.30%

It looks like we’ve been on a comfortable plateau over the last six months:

mocostgraph2

We didn’t see the step-up from the $430-$440/sf range until mortgage rates popped last summer.  Have we found the happy price-point for mortgage rates in the low-to-mid 4%s, or just levitating?

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