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Change Is Here
I mentioned last week that inventory has been a bit sporadic, yet the median sale prices have still been above 2023. That still seems to be true, however, the current numbers we're looking at for sale prices are closing of homes that accepted offers in the summer. I'm going to be very curious how September will look overall when those numbers come in and I believe by the end of October we may see the median sale price report come down in the above chart.
My Thoughts
It is still very much a seller's market, and it will likely remain so for a while, but I do expect home prices to come down this fall and winter to below 2023 sales. I say this because there seems to be buyer hesitation at this very moment. My only answer to is that it's due to a combination of the upcoming presidential election, buyers expecting rates to have dropped much more after the Feds cut, and the new NAR rules that are pushing buyers away (for now) and causing this change. Right now is the best I've seen it be for a buyer in 2 years.
I'd love to hear your thoughts, message me anytime!
If you have any questions about the market in your area, feel free to reply to this email.
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