The second half of May seemed to open up a bit. But, sorry, it was a false peak. Less inventory came on the market and more buyers went out looking for it. Inventory was down 6% from last month, and down 14% from last year inventory.
6718 homes went under contract, which was up 17% last month, and up 3% from last year.
Active listings dropped last month. In fact, there was a 20% drop and inventory fell below 2000 homes for sale the second time this year. Listings are spending and average of four days on market.
You have to be ready to pounce, offer 30K over asking, without any contingences and ready to close in 2 weeks.
26% higher close - higher end homes.
23% higher close -medium priced homes.
$700,000 average closed price detached.
We are nowhere near the peak. Same with rates. Rates turned up mid-month.
Inflation jumped 4.2% - the highest in 13 years. Core inflation jumped to 3%. This was the highest monthly gain - EVER. Get the rest of the insights by listening to this 9 minute episode. More false peaks are expected.
How You Can Find and Benefit from an Assumable Loan
PPI Numbers Explained: Is Inflation Finally Slowing Down?
Can I Buy Down My Interest Rate?
First-Time Homebuyer Advantages in Today’s Market
Housing Today Comes Down to These Things
Eight Home Buying Myths
What Are Seller Concessions?
Discussing the Current Real Estate Market Landscape
Focus On the Payment, Our Economy Works In Cycles
3 Ways to Get Rid of Your Mortgage Insurance
Using Current Market Volatility To Your Advantage
Interest Rates are Below 5% Again
Why a Real Estate Slowdown Is Not a Loss
Should I build a home instead of buying a home?
How Does the Global Market Movement Influence the US Real Estate Market?
Can the Recession Just Get Here?
Four Reasons Real Estate Just Picked Up Again
What Are Your Responsibilities as a Co-Signer on a Mortgage?
Conforming Home Loan Limit Increasing to $715,000
DMAR Sept 2022 Homeowners Have the Upperhand
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