Stumble for Local Housing Sales?

Is it a momentary pause, or has the bubble burst on the home sales market in the Panama City metro area?

New figures released Monday show there were 233 existing homes sold here in July. That's three houses less than in July of last year.

The one percent decrease is the first decline reported in the Panama City area in well over a year.

Higher interests rates played a part in slower sales, but so did the rapidly rising home prices. The average sales price last month was almost $172,000. That's a 25 percent higher price than a year ago.

The figures are just for existing home re-sales. They don’t include sales figures for new homes. Those numbers will be released later this week.