Bank of England Mortgage has been slicing and dicing data once again and are reporting some good news as we look back at October. These results paint a strong picture of our market with home prices going up, even though interest rates did as well. Good news for homeowners. We are still seeing a good number of cash buyers in the market and inventory is approaching a more balanced market. Buyers and sellers were more in tune to create win-win deals, as well as a boost of closings that were delayed due to Hurricane Ian. All data indicates we are coming back to a normal market; where we were in 2016-2019. Here are the key takeaways:
Good news for homeowners:
- Average sold price was up 5% compared to September, even though rates went up
- 27% were cash transactions
- Closings up 12% from last month
Good news for buyers:
- 3.1 months of inventory – approaching a more balanced market
- Listings holding steady at 7,000 (50% higher than this time last year)
- Calmer market: Homes are sitting a little longer as days on market was up to 44 (avg home price is $457,000)
See the full update here
