Pending Home Sales Evaporate Like Low Rates - Oct. 2023 Housing Market Update
As we continue to experience higher interest rates for longer than most anticipated, pending home sales and closed home sales continue to decline. Higher mortgage rates are causing both difficulty with buyer affordability but also even fewer sellers to sell their homes compared to the already depressed inventory levels we've experienced for many years. The combined effect has created a very tight real estate market with prices remaining relatively high considering current market interest rates. Watch the video to find out what's happening with pending sales, closed sales, median prices, and the supply of inventory. How can we help you with your real estate needs? Give us a call today.
