What a difference a few weeks makes! Yes, the last few weeks have shown a dramatic decline in the number of houses coming on the market and a decrease in what went under agreement. Brokers are saying to each other that it feels slower out there. That said, I still think it's too early to say if the macroeconomics of the world are affecting us or if we are just experiencing a seasonal slow down. Families and educators alike are quite busy managing the kids who are now back to school in some capacity. The transition into the classroom or virtual classroom has been harder than usual, which is unsurprising with the layer of complexity the pandemic has over us all.
We do have the luxury now of looking back at the year as we head into the fourth quarter. The latest statistics show a sharp increase in pricing this year. In an article from realtor.com comes this quote about home sales nationally: "From June to July, median sales price rose by 8.5%, more than double the 4.1% increase seen in family income levels, NAR reports. But mortgage rates that have fallen to all-time lows are helping to offset some of the rising costs. All four regions of the country showed a jump in prices, but the Northeast showed the highest jump, at 10% and the West Coast showed the most modest at 2.3%, where natural disasters have hampered real estate activity. Overall, home prices have reached a two year high."
So stay tuned. We will know soon what this all means to the market. Traditionally, the fall season is our secondary market and it's a quick brisk market that peaks around Halloween and then slows down by Thanksgiving. Then, we of course start all over again in January when the "spring" market hits. That typical routine sounds very appealing--any sense of normalcy is welcome. We shall see what the future brings us.
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com