Good news for homeowners and buyers

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

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