4Oct2024
The real estate market is buzzing with positive momentum as mortgage rates dip closer to 6%. For five consecutive weeks, home purchase applications have been on the rise, which is fueling a stronger demand for single-family homes. With contracts increasing 6% from last year, there’s renewed activity in the market. This improvement is also boosting seller confidence, leading to higher inventory levels.
Stable Prices & Steady Growth Prices have remained stable, showing a modest gain of 2-3% over the year. The rise in new contracts and fewer price reductions reflect a market finding its balance.
Lower mortgage rates are opening the door for many buyers who had been previously priced out, while sellers are gaining confidence with increased market activity. If this trend continues, it could be a sign of a healthy, balanced market where both buyers and sellers find favorable conditions.
Key Takeaways for Buyers & Sellers:
Lower mortgage rates are opening the door for many buyers who had been previously priced out, while sellers are gaining confidence with increased market activity. If this trend continues, it could be a sign of a healthy, balanced market where both buyers and sellers find favorable conditions.
Key Takeaways for Buyers & Sellers:
- Buyers: Take advantage of lower mortgage rates to secure a more affordable home.
- Sellers: The rising demand makes it a favorable time to list your property as inventory levels remain manageable.