Buyer Demand:
Last week, 132 homes entered the sale-pending status, representing a decrease from the previous week’s figure of 168. Within these 132 pending sales, 36 were attributed to new construction, while the remaining 96 were resale homes. This level of pending activity closely aligns with the same period last year.
Supply of Homes:
The number of homes available for sale continues to linger around the 1300 mark. Among these, 258 represented fully completed new-construction properties (showing an increase from 248), 248 were homes in the under-construction phase (an increase from 240), and 809 were resale homes (a slight decrease from 821).
Inventory Rate:
The inventory rate stands out as a reliable barometer for gauging the pressure on home prices by capturing the equilibrium between supply and demand. The market continues to soften a bit compared to earlier this year, primarily influenced by the most recent increase in interest rates. Specifically, the overall inventory rate stood at 2.3 months, while for new-construction properties, it registered at 3.3 months, and for resale homes, it was at a lower 2.0 months.
Interest Rates:
The 30-year fixed-rate mortgage has reached its highest level since the year 2000.
*Although the author attempts to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Go to Disclaimers and Methodology.
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