September’s RE/MAX National Housing Report shows the continued trend of fewer closings and stabilizing inventory with a large 11.6% year-over-year drop in home sales. Also reported is the highest September Median Sales Price ($241,000) in the past 10-years, marking the 30th consecutive month of year-over-year price increase.
“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”
“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” said Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography. In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”
If you want a fresh start in a new home this year, contact your local expert RE/MAX Agent to discuss all of your real estate needs!
You can view the full report here.