Buyer Demand:
Last week, there were 138 homes that entered the pending status for sale, marking a slight increase from the preceding week when there were 132. Among these, 39 represented new construction sales, while 99 were resale properties.
Supply of Homes:
The number of homes available for sale continues to plateau, maintaining a consistent presence around the 1300 mark. Among these, 252 were fully completed new-construction properties (showing a slight decrease from 258), 256 were homes in the under-construction phase (up from 248), and 792 were resale homes (down from 809).
Inventory Rate:
The overall inventory rate showed a slight improvement from the previous week, settling at 2.2 months. Over the last 10 weeks, this rate has remained relatively stable but is approximately 1 month higher compared to the earlier part of 2023 when interest rates were lower. Specifically, for new construction, the inventory rate stood at 3.0 months, while for resale homes it was at 1.9 months.
Interest Rates:
Mortgage rates have continued their ascent, with the 30 year fixed rate now averaging 7.49% nationally.
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