Demand:
Due to Thanksgiving week, the real estate market experienced an expected slowdown in demand. A total of 101 homes moved into the pending status, with 41 new construction properties and 60 resale homes. The decrease in activity is expected given the holiday period, where many potential buyers may have been focused on celebrations and gatherings.
Supply:
There were 1,256 homes available for sale, showcasing a modest decrease from the preceding week’s inventory of 1290. This inventory comprises 355 completed new construction homes (down from 362), 224 homes currently under construction (up from 220), and 677 resale properties (down from 708).
Inventory Rate:
The overall inventory rate was 2.9 months. Breaking it down further, the new construction segment had an inventory rate of 3.3 months, while the resale market had an inventory rate of 2.6 months.
Interest Rates:
Mortgage rates dropped for the fifth consecutive week, with a national average now at 7.22%, down from a high of 7.79% five weeks ago. This decline in mortgage rates could potentially stimulate further activity in the real estate market. We tend to observe changes in demand aligning with shifts in interest rates within a few weeks of the rates changing. Keep an eye on these figures in the upcoming weeks to gauge potential impact in market activity.
For a historical perspective on buyer demand, available homes, inventory rates, and median home prices, please click here.
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