Home Sales Dip, But More Choices for Buyers!
Hey there! I want to share some interesting news about the current housing market that could impact your home buying or selling plans. In August, existing home sales dropped below the 4 million mark for the first time in a while, primarily due to high mortgage rates that are keeping some buyers on the sidelines. But don’t worry too much; this drop doesn’t mean the market is crashing.
On the bright side, there’s a significant increase in housing inventory, which means more homes are available for buyers. We’re seeing about 1.62 million homes on the market, the highest level we've seen in over ten years! This gives you more options and a better chance to negotiate when you find a home you love.
Even with more homes available, home prices are still rising, though at a slower pace. The median price now sits at around $429,100, marking another month of price increases. So, if you’re thinking about buying, it’s essential to act sooner rather than later, as prices may continue to go up.
If you have any questions about how these changes affect you or if you’re ready to explore your options, don’t hesitate to reach out to me. I’m here to help you navigate this market!
