If you're a home buyer, this is your time. Housing Supply is up, and Housing Demand is down. Basically, a lot of the competition is gone, and you can buy a house for a list price or less.
And while we don't want to get too excited by the month-to-month activity, Housing Supply appears to be going down. Now, this could be due to year-end and holidays, etc., but it may be something to keep an eye on. Housing Demand is also going down month-to-month, but not at a catastrophic arc. Even the year-on-year decrease isn't aggressive, which means it could spring back, and it may by February or March, especially if mortgage rates decrease. As I always say, be ahead of the herd, don't follow it.
This video is part of a new series called Trend Watch, where I create a set of videos featuring the most critical Housing Market trends and run them every month so that you can understand how trends work and watch the changes month by month.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃
Take care, Sheryl