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- Average sales price was up 4%.
- Inventory of homes available for sale remained relatively flat. Active listings were down 9%, which was offset by fewer closed sales (this is due to slower activity around the holidays).
- Volume of closed sales was down 13%, and pending sales were down 4%.
- Interest rates increased above 7% according to Mortgage News Daily. There was some recent news from the Fed that interest rates may come down as inflation continues to decrease to the Fed’s target of 2%.
- Inventory remains challenging, sitting at a ~1.5 months supply of homes for sale.
- Inventory levels of a 4 – 6 months’ supply is considered balanced, so there is still a long way to go.
