Every week I’m asked about the real estate market and what it looks like right now. While it is a broad question, here are a few details for you to review.
- Realtor.com reports 465,000 new listings hit the market in September, up 8% from the year before, the largest annual gain in five years. The hot sales pace left inventory flat, but it’s expected to increase soon.
- Prices are already beginning to moderate, as the August CoreLogic Insights report posted a 5.5% annual gain, the slowest year-over-year home price growth in almost two years.
- Even the number of homes selling above list is falling. An online real estate database reports that in September, 22.9% of homes sold above asking, down from 29% in June.
These statistics are providing us some excellent insight. If you are renting, this might be a great time to find a good deal to purchase your new home. It’s often hard to find the “right” time to buy your home, but it does appear that buyers have a better opportunity right now than they have had in the past few years. Interest rates are still low and the inventory has increased slightly. Things can change quickly in this industry, so don’t wait to long to invest in this market.
I am happy to help you find the perfect home. Please call me at 214-769-2947 and I would love to show you what is available in this market.
Beth Brake: Realtor®
Performance Driven Excellence