Happy Monday, GNR should be releasing their data points soon and this is what I expect them to post for Single Family Homes:
(small variances possible depending on exact timing of pull)
Median Sales Price: $472K Up ~1% MoM and down ~6% from last year’s peak of $500K (May 2022), and down ~1% YoY. One interesting note is that prices remaining steady even as we hit 8% mortgage rates this month. Hard to imagine that continues but I expect November to be about the same unless we get massive concessions at closing.
Inventory: 7,065 (Active Listings + Under Contract - Showing) vs last year 7,277 - inventory as reported will show a decrease YoY and up ~4% MoM.
Close Volume: ~2,106 down 8% from last year’s 2,299, Month over Month down ~5% from 2,208 in September. The YoY drop is significant, because last year October was already a deep freeze, so another 8% is feels shockingly low.
Contract volume is in the 1800s (very low) suggesting that November closed volume could be down YoY another 5-10%.
Here’s an interactvie map for each county YoY (as seen on my monthly update video)
Thanks for reading! Feedback appreciated. Let me know if info is helpful and how I can provide more value?
Links below: Assumable FHA and just added 2021 conventional ARMs are also assumable! (I did not know this and am still exploring; some are fixed for 10 years)