What’s happening to the real estate market?

Key Takeaways from CNBC “Existing home sales fall to a 10-year low in September, as mortgage rates soar” article

Are sellers still receiving multiple offers? Are homes still selling over asking?

Lawrence Yun, chief chief economist at the NAR, answers these questions on a National level, ““Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory. The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.”

Next week we’ll explore what this looks like locally – while we can’t provide information about multiple offers, we CAN answer some questions about list to sale price ratios! 


Are prices falling?

Yun says, “Tight supply continues to put pressure on home prices, with an increase of 8.4% from September 2021. Prices climbed at all price points. This makes 127 consecutive months of annual increases.”

“Prices are cooling, however. September marked the third straight month-to-month price decline, which usually fall this time of this year.”


Do we know if they will continue to fall?

Not quite yet, but we’ll keep you informed monthly with market statistics. Did you see last month’s? Check it out here