Buyer Demand:
In the previous week, there were 128 homes that entered the pending status. This level of pending activity is similar to recent weeks and the corresponding time last year. Among these 128 pending sales, 43 were attributed to new construction, while the majority, 85, were resale properties. The median listing price for these pending homes stands at $587,400.
Supply of Homes:
The housing supply continues to hold steady at a remarkably low level, with approximately 1,305 homes available. Among these, there were 249 fully completed new construction properties, 258 homes in the under-construction phase, and 798 resale homes.
Inventory Rate:
The inventory rate, a key metric, provides valuable insights into the housing market by assessing the equilibrium between supply and demand. Last week, the overall inventory rate stood at 2.4 months. More specifically, for new construction, the inventory rate registered at 2.7 months (down from 3.0 months), while for resale properties, it increased to 2.2 months (up from 1.9 months).
Interest Rates:
For the fifth consecutive week, mortgage rates have continued their upward trajectory, driven by persistent market volatility and geopolitical uncertainties. While the economy and incomes are showing growth, the housing market grapples with substantial affordability challenges due to a shortage of inventory, leading to national purchase demand at its lowest point in three decades.
*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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