Buyer Demand:
Buyer demand showed continued restraint last week due to the sustained elevation of interest rates. During this period, 145 homes entered the pending stage, marking a modest enhancement from the 134 homes of the previous week. Among these, 46 were new construction properties, while 99 were resale homes. Notably, the median price of homes entering the pending status experienced a decrease for the third consecutive week, now settling at $514,990.
Supply of Homes:
The inventory of homes available for purchase reached a total of 1,225, showing a modest increase compared to last week’s count of 1,194. Among these properties, 213 were newly constructed and ready for occupancy, marking a rise from the previous 198. Additionally, there were 233 homes currently under construction, up from 227. Resale homes constituted the largest portion of the inventory, with 779 options available, an increase from the preceding 769.
Inventory Rate:
The inventory rate recorded its third highest point of the year, albeit historically remaining at a notably low level, standing at 2.0 months. To provide a more detailed breakdown, new construction properties marked a supply of 2.3 months, while resale homes exhibited a slightly tighter inventory at 1.8 months.
Interest Rates:
For the third consecutive week, mortgage rates have persistently inched upward, now hovering just below the seven percent mark.
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