Can you believe it's already October? As we continue through the fall, the national housing market is still roaring along, though it's less hectic than it was in the spring. Home prices typically cool down and homes take longer to sell. With that said, home prices are still up 17% compared to last year, and homes are selling in just 18 days on average. The market is still tipped in the sellers' favor.
A shortage of homes for sale has been the biggest challenge for buyers, and there are still 24% fewer homes on the market compared to a year ago. The good news: the number of new listings hitting the market in the past four weeks was up 3% from a year ago, and 5% of homes had a price drop in the last 4 weeks. Your buyers may have more options and a bit less competition. On the flip side of that, it's still a good time to sell, with strong homebuyer demand and high home prices. The inventory shortage will likely worsen due to climate change.
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