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.
Is Home Affordability Gone?
4 Shorts Foreclosures, Appraisals, Pre-Qual, Pre-Approved
Investing in Real Estate in the Denver Market
Why Would You Buy Real Estate Today?
Is it Boom or Gloom for the Housing Market?
DMAR August 2022 Recession Red Flags Have Been Drawn
How Does an Appraisal Work, and Do I Need One?
Three Steps to De-stress the Home Buying Process
Where is the market heading and what does it mean for homebuyers?
What to Tell Clients About Today’s Housing Market
A Higher Interest Rate Can Save You Money
Is the FED Hurting Housing?
DMAR July 2022 - Inventory is double but it is not enough
What are three ways to get into the housing market, today?
This is an opportunity - Interest rates are down today - it’s GO TIME!
How Does a 2-1 Buy-Down Work?
Buying a Home Today - Why I Shouldn’t Rent
3 Shorts on DTI - Debt to Income Ratio.
What is an Appraisal Waiver and Can I Get One?
Why Are Interest Rates Going Up So Fast?
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