š October 31, 2024 Real Estate Market Update! š”š
š This weekās market update:
Purchase Applications are down š 5.1%, making it three weeks of declines. Rising rates have buyers feeling cautious!
Inventory dropped slightly by 0.1% to 738,000 homes. Still up 32% from last year but may decline seasonally. šļøā”ļøšļø
Price Reductions fell 1.5% to 39.5% due to recent rate drops, but expect changes heading into winter. š·ļø
Rates increased by 0.2% to 6.9%. With an upcoming Fed decision, then election and jobs report, brace for possible rate hikes. š
Advice for Buyers: š” Act sooner rather than later if youāre in the market! Inventory may drop, and rates could climb even more.
Advice for Sellers: š¤ Buyer activity is slowing, and days on market are increasing. Consider offering a temporary rate buydown to attract buyers.
Investors: š The rental market is strong! The affordability gap between buying and renting means rental demand is solid for the long term.
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