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Key Take-Aways:
- Prices remained flat.
- Inventory of homes available for sale decreased by 11%, down to 623 homes for sale.
- Volume of closed sales was down 24%, but pending sales increased by 28% which contributed to the decrease in supply we experienced.
- Interest rates increased to 6.81% according to Mortgage News Daily.
- Inventory remained 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.
