Buyer Demand:
Buyer demand remains consistent with the same period last year. In the past week, a total of 124 homes went pending, comprising 44 new construction properties and 80 resale homes.
Homes for Sale:
The available homes for sale have seen a marginal increase, totaling 1,348. Among these, there are 330 newly completed new-construction homes (up from 321), 215 under-construction properties (up from 213), and 803 resale homes (up from 797).
Inventory Rate:
The inventory rate is a crucial metric for gauging market supply and demand dynamics. In the previous week, the inventory rate stood at 2.5 months, historically low but the second-highest figure recorded this year. To provide further insight, the inventory rate for new construction was 2.9 months, while resale homes had a rate of 2.3 months.
Median Home Price:
The median listing price for homes entering the sale-pending stage has exhibited considerable fluctuations, partly attributable to the relatively smaller weekly pending data samples. Nevertheless, the overarching trend remains evident. Prices experienced an upward trajectory through around May of this year, but have since faced headwinds when interest rates started climbing to new levels.
Interest Rates:
The 30-year fixed-rate mortgage showed a pause in its multi-week upward trend, settling in at a 7.76% national average for a 30-year fixed rate. The Federal Reserve in their most recent meeting decided to hold the key federal funds rate in a target between 5.25%-5.5%, yet they have left the possibility of an increase open before the year’s end.
Historical Chart: Median Sold Price
To see buyer demand, homes for sale, inventory rate, and median home price from a historical perspective, please click here. This data is through September 2023.
*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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