Buyer Demand:
The vigor of buyer demand witnessed a downturn in the past week, as only 132 homes, the lowest figure since the initial week of January this year, transitioned to a pending status for sale. Amongst these, 32 represented newly constructed properties, while the remaining 100 comprised resale homes.
Supply of Homes:
The supply of homes continued its marginal weekly increase settling at 1288 homes for sale last week. Of those 207 were completed new-construction (down from 211), 265 under-construction (up from 245), and 816 resale homes (up from 805).
Inventory Rate:
Amid a deceleration in demand and a concurrent uptick in inventory, the inventory rate experienced another upturn in the past week, culminating at an overall inventory of 2.3 months. Specifically, for new construction properties, the inventory rate extended to 3.4 months, while for resale homes, it increased to 1.9 months
Interest Rates:
This week marked a significant milestone for the 30-year fixed-rate mortgage, as it surged to its highest level since 2001, settling at an average of 7.23% on a national scale.
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