NOVEMBER 2024
REAL ESTATE MARKET UPDATE
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Fluctuating Mortgage Rates Extend Market Uncertainty
In October 2024, the housing market saw a 24.7% increase in closed sales compared to the previous year, alongside a substantial 43.4% rise in pending sales. This activity was primarily driven by a temporary drop in mortgage rates, which encouraged more buyers to enter the market. However, a renewed spike in rates, now at 6.72%, could dampen future momentum. Despite challenges, active listings reached 12,619, reflecting a 27% increase from last year. These trends highlight both the marketā€™s recent growth and the ongoing affordability challenges for prospective buyers.
These statistics illustrate a complex market environment where buyers are actively seeking opportunities, but affordability challenges persist. As the market evolves, understanding these dynamics will be essential for both buyers and sellers navigating this landscape.
In October 2024, the housing market saw a 24.7% increase in closed sales compared to the previous year, alongside a substantial 43.4% rise in pending sales. This activity was primarily driven by a temporary drop in mortgage rates, which encouraged more buyers to enter the market. However, a renewed spike in rates, now at 6.72%, could dampen future momentum. Despite challenges, active listings reached 12,619, reflecting a 27% increase from last year. These trends highlight both the marketā€™s recent growth and the ongoing affordability challenges for prospective buyers.
These statistics illustrate a complex market environment where buyers are actively seeking opportunities, but affordability challenges persist. As the market evolves, understanding these dynamics will be essential for both buyers and sellers navigating this landscape.
NWMLS Market Snapshot - OCTOBER 2024
George Moorhead of Bentley Properties talks about Inflations Causing Rates To Go Up and Is The Real Estate Market Crashing? Plus, Top 5 Things You Need To Look For When Getting Mortgage Rates
