November 2023 Real Estate Recap - The Good, The Bad, and The Ugly

In November, we finally saw a bit of a turnaround with a 7% increase in the number of new homes hitting the market nationwide. This is a significant development considering the stagnation we've been seeing. Also, the Federal Housing Financing Agency (FHFA) is adjusting its loan limit guidelines. They're raising the bar to around $766,000 nationally, and in some counties, it could go as high as $1.1 million. This change is aimed at aligning with median incomes. 

There's more good news for potential buyers: interest rates have begun to lower. This has started to stir more activity in the market. However, it's not all smooth sailing. Despite the overall increase in inventory, some areas are still grappling with a shortage of available homes. This imbalance isn't new; it's been a trend for about three years now. We're seeing more homes moving from active to pending status than new listings coming up. 

An in-depth look at the number of homes on the market, pending sales, and completed sales and comparing them this year to last year there's a clear slowdown in overall sales. This is mainly due to the reduced availability of homes. Yet, the buyer demand remains strong. The housing market continues to attract interest despite the challenges of higher interest rates and a dip in the number of homes sold. 

As for future expectations, there's speculation that interest rates might fall to the mid-to-high six percent range by the end of this year or early next year. However, this is dependent on several factors, including inflation metrics and the Federal Reserve's policies.

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