Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year.
Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New listings decreased 10.4 percent for Single Family homes but increased 8.9 percent for Townhouse-Condo homes. Pending Sales decreased 28.0 percent for Single Family homes and 23.7 percent for Townhouse-Condo homes. Inventory increased 69.3 percent for Single Family homes and 72.6 percent for Townhouse-Condo homes.
Month’s Supply of Inventory increased 76.9 percent for Single Family homes and 92.3 percent for Townhouse-Condo homes.
Median Sales Price increased 7.0 percent to $244,000 for Single Family homes and 7.6 percent to $155,000 for Townhouse-Condo homes.
Days on Market increased 47.6 percent for Single Family homes but decreased 14.8 percent for Townhouse-Condo homes.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
