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Key Take-Aways:
- Average sales price was up 4% to an average price of $384,589.
- Inventory of homes is showing signs of increasing, increasing 23% to an average of 767 units available for sale (compared to 623 units during Q3 ’23).
- While the increase in unit sales is a boon to our market, inventory is still well below balanced levels sitting at a ~1.57 month supply of homes available for sale (4-6 months is considered balanced).
- We are still in a very competitive seller market, with sellers averaging 2.57% over ask.
- Interest rates dropped significantly, reaching their lowest levels in ~18 months Mortgage News Daily.
