October Real Estate Market Report
The big news is the sudden jump in interest rates due to the unexpectedly strong jobs report las week. Hopefully, this will turn out to be an anomalous short-term fluctuation amid the general trend of substantial interest rate declines seen in recent months.
The recent drop in interest rates has not so far precipitated the substantial rebound in buyer demand that many had expected. It may be that expectations of further declines are keeping some buyers on the sidelines as they wait (and hope) for that to occur. In the meantime, the increase in the number of homes for sale continues to substantially outpace sales activity, tilting the supply and demand dynamic and underlying market conditions toward buyers’ advantage. However, many homes are still selling quickly for over asking price: It all depends on the specific property, its price, location, condition and circumstances. Market-heat indicators (and median sales prices) usually peak in spring (Q2), then cool significantly in Q3, and that was broadly the case this year. Generally speaking, the increase in sales for higher-price homes has outpaced the overall market in 2024.
Interest rates have continued to tick up slightly in the past week
October is usually the last big sales month of the year before the big slowdown begins heading into the mid-winter holidays. October often sees high numbers of price reductions as sellers of unsold homes try to get them into escrow before the slowdown takes hold.
