Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are
delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in
their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to
slow as we move into winter.
• Single Family Closed Sales were down 29.2% to 5,165.
• Townhouse-Condo Closed Sales were down 32.7% to 1,696.
• Adult Communities Closed Sales were down 6.2% to 610.
• Single Family Median Sales Price increased 6.8% to $470,000.
• Townhouse-Condo Median Sales Price increased 6.4% to $338,000.
• Adult Communities Median Sales Price increased 8.3% to $325,000.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to
the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused
monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago.