Three Housing Statistics That Are Much-Needed Good News

Given that mortgage rates more than doubled this year, hitting a 20-year high in October and pushing past 7%, it's no surprise that these recent statistics are fueling some optimism among real estate professionals:

1. Mortgage rates fell again.

Decreasing for the second week in a row, the 30-year fixed-rate mortgage averaged 6.58% for the week ending November 23rd. Is it enough to bring out more homebuyers? It was before...but in the current environment, it's hard to predict.

2. Home prices are softening.

Home prices have decelerated for the 6th straight week. They rose, but at a much slower pace than before. Price points are becoming less of a sticking point.

3. The bargain bin of old listings is growing.

For the week ending Nov. 19, overall inventory was 49% higher than a year ago, and these homes sat on the market seven days longer than they did last year. This means buyers can finally take their time shopping for real estate deals.


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* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.