Markets remain volatile and hard to predict, often reacting negatively to positive economic news (such as employment numbers) as they wait for new inflation numbers and try to parse the possible reaction of the Fed. Any definitive impacts on real estate markets of these recent developments, should they continue, won't substantially show up until 04 data begins to become available, and, of course, volatility also means that indicators can turn around quickly.
In the meantime, the Q3 median house sales price was down about 8.5% from Q3 2022, but we expect the year-over-year price decline to disappear in coming months. The supply of listings for sale just hit a YTD high - giving buyers more purchase options - though still below this time last year. Year over year, the number of home sales in Q3 was down about 17%, mostly due to the low supply of homes available to buy, though also affected by interest rates. Luxury home sales have dropped from spring peaks, as is a common seasonal trend.
As always, reach out to our team if you have any questions, we're here to help.