Soaring interest rates were the dominant factor in October's market, but a large drop occurred in November, which many analysts expect to continue. Inflation dropped in the latest reading, a very positive development for economic conditions, interest rates, and housing and financial markets. In a typical seasonal trend, the monthly median house sales price in October 2023 declined slightly from September - but was up 3% year-over-year. Long-term, annual median house sales prices since 1980, with an estimate for 2023 YTD.  Q3 median house price appreciation since 1990. Over the long term, home-price appreciation has far outpaced inflation. Q3 median house prices - and year-over-year appreciation rates - across a wide range of major U.S. metro areas. 80% saw y-o-y price increases. A survey of national home sales by price segment. In the table upon your request, you will see there is a terrific range of home prices across the nation. A broad, long-term illustration of the staggering decline in the number of homes for sale, a dynamic with enormous effects on the market. Month's Supply of Inventory, a comparison of demand to supply, has been ticking up, but remains very low by long-term pre-pandemic standards. The number of price reductions has been climbing. Buyers are well advised to take a new look at unsold homes during the mid-winter market. A broad, long-term illustration of sales volume - basically at its lowest since 2011. On a seasonal basis, the number of sales usually hits its nadir in mid-winter. The % of homeowners without mortgages hit an all-time high in 2022. This huge reservoir of household wealth has almost certainly increased all-cash purchases. As a percentage of total sales, all-cash purchases remain at their highest level in 9 years. These buyers are less concerned about interest rates. After a steep plunge in October, stock markets have seen an astounding recovery in November. An unfortunate consequence of increasing interest rates, low supply, and a 2023 rebound in demand has been the lowest housing affordability in decades. Please let me know if I can ever be of assistance to you or to your family, friends and colleagues. If you would like a more detailed report on these statistics, please feel free to reach out today by clicking here!

Courtesy of Compass