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The numbers are officially in, and the real estate world just got a bit of a surprise. The National Association of Realtors just released the home sales report for September. Against all odds, existing home sales actually ticked up by 1.5%. Buyers are finally getting a few more choices because total housing inventory climbed to 1.6 million available homes. That is the highest amount of supply we have seen since late 2019!
However, it is not all smooth sailing out there. Mortgage rates just hit a fresh three-year high, pushing past 7.4% for a standard 30-year loan. This sudden rate jump is acting like a bit of a thunderbolt to the market. It has caused a lot of potential buyers to step back and pause their home search. Because of this, pending home sales are hovering near 12-year lows.
Even with the slower sales pace, prices are holding their ground. The median home price in the US climbed to $417,500. That is officially the highest price tag ever recorded for any month of September.
What this means for you: If you are trying to buy right now, you have more homes to choose from. You also have more negotiating power with sellers. Just be sure to shop around with different lenders to grab the best possible loan rate!
