Showing data continues to show a slump, as do new and pending listings. It is interesting how pending listings are almost the same as new listings this week.
CNBC reported that home purchase mortgage applications fell 3% last week but were still 16% higher than a year ago… as the year-over-year sales comparison is also shrinking.
Activity typically slumps during election week and it is hard to say how much impact the resurgence of the coronavirus is having, but these factors combined with a typical slowdown when we are reminded that winter is coming after our glorious last weekend could all be playing a role.
Mortgage rates hit another record low last week, according to CNBC, but it is hard to buy homes when the supply just isn’t there. New listings are down double digits compared to last year but home prices are still good because of the laws of supply and demand… buyers are still ready to take advantage of low interest rates.
The market is still strong for this time of year, but expect it to continue to soften as we move into winter months. Winter is the best time for buyers if you can find a house you want… less competition means better prices and less multiple offer frustration.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
