Sharing an important update on the latest market trends and changes.
“What’s going on in our housing market?” To answer this question, we’re sharing the latest real estate numbers for our housing market in December, which reveal a few important trends.
First, total property sales saw a notable increase of 3.7% compared to November 2022. This might not seem significant at first, but it marks the first rise in property sales from the same period in the prior year in 19 months, dating back to April 2022.
Another noteworthy trend is the pending sales index. In November 2023, sales are up almost 12% compared to November 2022. Looking at October, the pending sales index also shows an 11% increase compared to October 2022. This double-digit rise in back-to-back months is the first since January and February 2022. This surge in sales activity suggests a potential turning point in the market as we enter 2024.
What’s driving this increase? There’s been a decline in mortgage rates, which is injecting life back into our market. Additionally, the Federal Reserve’s decision to maintain its federal funds rate for a third consecutive meeting is creating expectations of potential rate cuts in 2024, providing consumers with optimism about lower interest rates.
Finally, the increased sales activity is attributed to people wanting to move forward with their lives. Many individuals have postponed buying or selling homes in the past couple of years due to high interest rates and market uncertainty. With rates now on the decline, people are eager to make moves, whether it’s upsizing or downsizing, based on their family’s needs.
On a personal note, we’ve been contacted by individuals who hadn’t reached out in years to express that they want to buy or sell a home. This indicates a readiness among people to resume their real estate plans.
If you have any questions about current market conditions or need information about buying or selling a home, don’t hesitate to call or email us. We are always willing to help!