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October is the height of the Fall real estate selling season before activity typically wanes heading into the Winter holiday season. We will generally see competitive pricing at this time to get homes into Escrow before this slowdown happens.
In recent readings, inflation has dropped to its lowest point in three and a half years, and while stock markets have been volatile since mid-summer, they remain close to all-time highs.
Early this month, mortgage rates were the lowest since February 2023, a very positive development for the housing market. However, a stronger-than-expected jobs report caused a spike, which may be just a short-term fluctuation. It has been challenging to predict interest rate changes due to national and international economic and political factors, but most analysts agree rates will continue to trend down in Q4.
The widespread rebound in the real estate market that was expected due to lower interest rates has not happened so far, and the number of homes on the market continues to outpace sales activity. However, as outlined in the charts below, many homes are still selling quickly and over the asking price, especially in our markets.
As always, we are here to answer any real estate or market questions you may have. Please don't hesitate to contact us.
Sincerely,
THE RESOLVE GROUP
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