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Jason Salem | REALTEAM Real Estate Blog

Tuesday, January 3, 2023   /   by Jason Salem

SINGLE-FAMILY HOME SALES STATISTICAL HIGHLIGHTS

NOVEMBER SINGLE-FAMILY HOME SALES STATISTICAL HIGHLIGHTS






Navigating NovemberBuyers, Sellers Work to Set a Course through Rising Mortgage Rate

November – National Real Estate Commentary

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.

Closed Sales decreased 31.1 percent for Residential homes and 31.0 percent for Condo homes. Pending Sales decreased 31.2 percent for Residential homes and 28.2 percent for Condo homes. Inventory increased 11.6 percent for Residential homes and 3.6 percent for Condo homes. ...
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