Rates continued to climb this week! The 30 year fixed rates are now 7.22%, which is 4.03% higher than it was a year ago. This has continued to put pressure on buyer affordability and the resulting decline in Pending Sales. All of this created another 2022 Months of Inventory high this week of 2.74 MOI.
I have been hearing from experts in the Mortgage Industry about is optimism that rates will decline in early 2023 as the upward pressure on inflation appears to be easing. If this is more than wishful thinking, we could quickly see a strong spike in Pending Sales as Buyers who have been priced out of the market quickly return to active buying.
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings decreasesd slightly from last week. 999 vs 1014 a 1% decrease. Compared to a year ago this week, listings are up 402%.
Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,650,000.
Pending Sales are down from last week. 84 vs 90 a 7% decrease. Compared to a year ago this week, pending sales are down 45%.
Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,237,000, which is down from last week where they were at $1,299,500.
Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.
Current Months of Inventory rose this week. It was 2.60 months of inventory last week and is now 2.74 months of inventory, the highest level this year.
(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)
As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere