Demand:
Over the last week, 128 homes moved to the pending status, maintaining a demand level similar to the previous week. This included 40 newly constructed homes and 88 resale properties.
Supply:
The supply of homes for sale is gradually diminishing as we advance into the fall season. Last week, there were 1,312 homes available for sale, showing a modest decrease from the previous week’s inventory of 1,324 and the count of 1,348 the week before. Among these listings, there are 330 completed new construction homes (up from 324), 257 homes under construction (an increase from 230), and 725 resale properties (a slight decrease from the previous count of 725).
Inventory Rate:
The overall inventory rate stands at 2.4 months, with new construction at 3.4 months and resale at 1.9 months.
Interest Rates:
Mortgage rates have declined for the third consecutive week, driven by recent data suggesting a easing of inflationary pressures.
Building Permits:
Building permits also saw a decrease this month, with filings down approximately 25 percent. However, when compared to the same period last year, there has been a 316 percent increase.
For a historical perspective on buyer demand, available homes, inventory rates, and median home prices, please click here.
*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.
Leave a Reply