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Months of inventory — how we take the pulse of the market — are down based on pending sales. That’s not surprising, given September’s dip in interest rates ahead of the Fed Funds rate cut, which temporarily boosted buyer confidence. That said, the last two weeks have slowed buyers down. Economic uncertainty isn’t great for decision-making (which, ironically, is exactly what makes now a great time to buy — more on that later).
Median prices are up 2% month-over-month and 3% year-over-year. Interest rates are hovering between 6% and 6.5%, and realistically, that’s probably where they’ll stay for the foreseeable future. (Reason #2 not to delay buying.)
At 2.3 months of inventory, we’re in a balanced market with a slight lean toward sellers. However, we still have more active inventory than we’ve seen in the last five years — (Reason #3 to buy now.) Homes that are well priced are selling fast — 12% of the market sold in the first weekend. But if a home has challenges that pricing doesn’t account for, or it’s simply overpriced, it won’t move without a reduction.
What does this mean?
Sellers: Price conservatively (yes, that means low).
Buyers: Honestly, now is the time — as long as you can afford the payment and plan to stay 3+ years (ideally 5+). Inventory is solid, rates are likely to hold (and can be refinanced later), and economic uncertainty is causing other buyers to pause. That combination creates opportunity.
