Quick Update For The Week Ending 10/24/2022

Good afternoon, I do hope you're doing well. Here is a quick update for the week ending 10/24/2022. For prospective home buyers currently in the market, new listings (2,555) are still trailing behind what they were the same time last year (2,689) but only by a decline of 5%.

Home sellers did remove a total of 1,250 off the market which represent a 35.3% decline. With high home prices coupled with high interest rates, home buyers such as yourself, may have decided to wait and see what will happen next with home prices, inflation and interest. This has caused a 20.3% drop in closings. If home buyers are not buying homes, this will of course affect total closings, which is down 20.3%

What does all of this means, well, while you may not like the price a home is listed for, you should have no problems finding a home you like. I explain to clients that it's a great opportunity to negotiate on the home they like. This is not the time to fear the market. Home buyers, this is your time!

If you are thinking of buying a home, please don't hesitate to call us. It will be our pleasure to work with you. We can help you with finance, credit, finding your dream home, moving, and everything between. As always, thank you for stopping by. Until next time...Diana

Diana Walton Broker
Astor & Eaton Realty
713.208.8013
Write to Diana Walton at homes@astoreaton.com
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