As single family home sales dropped between 17%-19%, and inventory fell between 18%-24%, the median price rose between 5%-9% comparing November 2022 to November 2023.
With very few homes for sale, the buyers that remain in this marketplace are still driving prices up.
How long will this trend continue? Likely through 2024. Mortgage rates
appear to have peaked and should continue to fall throughout the new year. That will keep buyers in the game and could also help affordability, an issue that buyers have been getting squeezed on the past 12-18 months.
It will take more than a spring market or a 6-12 month time frame to restore the type of inventory levels we saw pre-coronavirus. Until those levels are once again reached and we transition from a seller's market to a buyer's market, most
homeowners will likely continue to see the unprecedented growth in their home's value continue to climb.
Merry Christmas and Happy Holidays!
Wishing you all the best for a joyous and safe holiday season with the people you love.
