Buyer Demand:
As interest rates were hovering near 2023 highs, buyer demand softened last week, resulting in 134 homes going pending. Out of those, 29 were new construction (down from 43) and 105 were resales (down from 123). The median listing price for these homes was $529,950.
Supply of Homes:
The overall number of homes for sale increased marginally to 1,194. Out of those, 198 were completed new constructions (up from 192), 227 were under construction (up from 223), and 769 were resales (up from 766).
Inventory Rate:
With the tempered buyer demand, the overall inventory rate reached the 2nd highest level of the year (2.1 months). This is still extremely low historically speaking but does indicate some softening compared to earlier this year. We’ve consistently seen this ebb and flow in response to interest rate fluctuations.
Interest Rates:
Interest rates increased last week near 2023 highs. The average 30 year-fixed rate was 6.9%.
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