Inventory growth in November is rare, but Altos Research reports 62,000 new listings last week, up 0.7% from the prior week, with 9,000 under contract. Although 39.2% of listings have had a price cut, prices are still above last year. Data Provide CoreLogic found single-family home prices rose in September for the third month in a row and are up 4.5% year-over-year, the largest annual gain since February. But they forecast yearly growth will slow to 2.6% by next September. The Mortgage Bankers Association recorded purchase mortgage applications up 3% last week, reversing three weeks of declines. Even applications for refinances were up 2% from the week before. Never believe that a few caring people can’t change the world. For, indeed, that’s all who ever have. ~ Cindy Glynn |
Newsletter •
November 19, 2023