Since November, 30-year-mortgage rates fell from 7.3% to 5.99%, lowering the typical mortgage payment by $260 per month.

From November to December, pending home sales increased 2.5%, the first month-over-month increase since May.

 In January, 37% of newly listed homes had accepted an offer within two weeks of their debut, faster than at any point since last July.

 

The housing market has been a rollercoaster. With the Interest Rate recovery we had this past month buyers started coming out again, creating an incredible competitive market since inventory could not catch up to the demand. In different markets we started seeing Multiple Offers again, Open Houses were packed with buyers, and properties went under contract in record time. We are still facing inventory issues, but we expect a strong 2023 Spring Market!