Becky's Best Bungalow Bets for Aug 20, 2023: Short List + Market Update

Hello BBBB Friend,

Along with the market's latest buzz, I've got a short list of 3 new listings to share today! Also, click HERE to see status changes, including price changes, new contracts, and final sales for homes that are Still on My List

REAL ESTATE MARKET UPDATE

INTEREST RATE 411:

Alright, here's the scoop: The 30-year fixed mortgage rate has climbed up to 7.09% this week from 6.96% the previous week, according to Freddie Mac's latest report. Just a year ago, it was sitting at a more comfortable 5.13%. These rates have been hovering above 6.5% since late May and took a sharper hike in mid-July. The last time we saw them tip over 7% was last November, reaching 7.08%. And for a fun fact, this week's rate is the highest we've seen since way back in April 2002 when it was 7.13%.

JULY 2023 MARKET REPORT

The real estate market experienced an uptick in active listings and a notable decrease in sales in July. Properties lingered for longer periods on the market, with the median days on market stretching out to 21 days. A silver lining for home sellers was the nearly unchanged list-to-close price ratio, hovering around 100%. This implies that homes were, on average, selling at their listed price. Yet, from the preceding month, median sales prices underwent a 6.3% depreciation.

FOR THE FULL MARKET UPDATE WITH STATISTICS, CLICK HERE

Have a great week, and,

Let's look at houses or talk about selling yours!

Becky

CLICK HERE FOR THIS WEEKS BEST BUNGALOW BETS