New listing inventory is basically flat but that doesn’t mean that wonderful new homes aren’t hitting the market each day. Total new listings for October were up 1.1% from September. The Triangle had 3,769 new listings in October. Locally, home sales have been moving at about the same pace for a couple months. We had 2,916 new pending sales in October which has led to the growth of total active inventory at the end of the month, which came in at 8,156. This is an increase of almost 3% as compared to October 2023.
2) Average Days on Market has increased:
Average Days on Market jumped this month to an annual high of 28 days. With October being the height of election season here in the States, it’s not all that surprising that many people’s attention was elsewhere. We’ll be watching November’s numbers to see if the results of the election, or even just it’s passing, will begin to shift consumer’s activity.
Mortgage rates of course continue to be top of mind in our market. While the Federal Reserve has been cutting rates, mortgage rates have been a bit more volatile. We’ve seen rates that are fluctuating and even moving up as several different factors effect the price of a mortgage.
Here's what Andrea P had to say about working with us:
“Jeremy is awesome to work with!
He makes the process of buying a home understandable. He ensures all parts of the process are taken care of, and follows up with all parties to make a fast & seamless process.
I have bought two homes with Jeremy, and I recommend him to all of my friends and family.”
It's true that the process of Real Estate Transactions can be tricky, but we are here to make it easy to understand & painless for you.
And as always, we are so grateful for your referrals!
Thank you for your support of Kaplan & Co. Jeremy & Emily
