September 14, 2023 at 1:28pm | Jonathan Crompton

🏫 School's Back, Real Estate is in Session! 🏡

Summer may be fading, but exciting times are ahead! As we embrace the return of routines, let's catch up on the real estate scene. 😊
🌞 I'm personally looking forward to the warm days and cool nights ahead. Hopefully, we'll get some low humidity too – a win for everyone's hair game! 💁‍♀️
This summer, the real estate market has been quite the ride. It's different from previous years, with fewer sales, but guess what? Prices are holding strong! 📈 There was talk of a housing price collapse when rates skyrocketed last fall, but that's not what happened. We're still in a robust market.

🏡 Here's a quick update:

Average Sales Price: In July, the average sales price was $555k, up 0.5% from last August. Prices are staying resilient, mainly due to low inventory.

Average Days on Market: Our average days on market for a home is at 30 days, up 57.9% from August last year. Expect this to increase slightly, but well-priced homes in the right areas are still moving fast.

Average Months of Inventory: We have about 1.8 months of inventory, unchanged from last August. We're in a balanced market. Buyers are active, and even rising rates won't stop those who need a new home.

New Listings on the Market: In July, there were 1,975 new listings, down 0.6% from last August. Fewer people are moving if there's no need, especially with the majority having mortgages under 5.5%.

Homes Under Contract: July saw 1,575 homes go pending, up 2.5% from last year. New construction homes are booming, up 48.7%, while the resale market is down 10.7% for July due to enticing incentives.

Closed Homes: In August, 1,585 homes closed, down 3.9% from last year. But new homes were up 27.3%, while resale was down 12.7%. Something to consider as a seller.

So, what's the takeaway? 🤔

Well, predicting the future isn't easy, but here's a tip: a 30-year mortgage, even at 7%, remains a great hedge against inflation. Buying offers stability against rising rent costs.

As for the market, we're likely in this scenario for a while. Next year's an election year, so we'll see. The Fed might not rush to drop rates, as that could lead to a rush of buyers and even higher prices. It's a complex puzzle!
Have questions or want insights? Feel free to reach out. I'm here to help! Until next time, stay onward and upward! 🚀

#RealEstateMarket #MarketUpdate #HomePrices #MortgageRates #RealEstateInsights #SummerEnd #PropertyMarket #Homeownership #RealEstateTrends #HousingMarket #InterestRates #InvestmentOpportunity


You message has been sent!

Send us a Message

You agree to receive automated promotional messages from Jon Crompton regarding real estate information and education.Click here for terms and privacy policy. Message frequency varies. To opt out of receiving messages from me, text STOP to cancel. Reply HELP for help. Message and data rates may apply.