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The third quarter saw an increase in inventory, a decrease in interest rates, and continued price stability. Interest rates continue to be volatile, and in Q3 they came down by almost 2 points year over year. This caused more buyers to enter the market and pending sales to rise. The number of available listings has improved after a very tight start to the year. Some sellers have been willing to forego their previous low rates for a new house, creating more movement in the market. The combination of lower rates and more selection should have buyers excited to make a move. Equity levels remain strong in our region as prices have remained steady and appreciated year over year.
If you are curious about how market conditions affect you, please reach out. I aim to educate my clients to empower strong decisions.
