Despite inflation rising slightly more than expected at the end of last year, news headlines in...
As we close in on the holiday season, it’s time to take look inside November numbers and speculate how the year is gong to end for local markets.
Statewide, mortgage rates have declined from the recent peak by more than 50 basis points (bps) and continued to improve in the past few weeks. While housing demand remained below the historical norm, mortgage applications have been rising in the past three weeks, which is an encouraging sign to the market.
Most important, consumers continue to spend as we enter the holiday season, causing the economy to take longer than previously anticipated to slow down. While the Fed could be done raising rates, it may not start cutting rates until the end of the first quarter when clear signs of economic weakening are seen.
Locally, the median price of a home sold in Modesto was $433k, with homes seeing an average of two offers and selling within 15.5 days.
In the last seven days, Modesto real estate agents have added 40 new listings, and closed 36. The Months of Inventory (how many months it would take to sell all current listed homes, if no more were added), remains steady at 1.4.
As of December 4, 210 properties are available in Modesto, including 11 properties under $300k. On the upper end, 16 properties are listed at or above $1 million with the highest listing at $2,250,000.
Sources:
California Association of REALTORS® Market Minute update
Metrolist internal trends reports
Ed Justen -DRE: 02221512 - Affiliated with Keller Williams. All advice and information given on this blog is sourced from publicly available websites and common knowledge. Got questions? Click here to book 30-minute meeting with me.