The housing market trend continues

Green Escrow Services | Adding value to home

As reported last week, the overall direction of the housing market is a positive one: mortgage rates continue to drop, listings are up, and price increases are small. And the good news is: the trend continues.

Mortgage rates are now down a half of a percent (7.9% as of Nov. 22). Listing are up for the third week in a row, and, while prices are up a notch, the hope is that more inventory will relieve the pricing pressure.

Ending the year on a (slightly) positive note?

Real Estate Growth

Although the gains are slight, overall the trends in the housing market are positive, which certainly hasn’t been the case for the last few years. These trends include:

  1. Lower mortgage rates: For the third week in a row, rates decreased, now at 7.44%. While this is obviously still high, it’s a relief from the climb to 8% which seemed a certainty just a month ago.
  2. More listings: There 6.4% more listings for the week ending Nov. 11 that a year ago.
  3. Increased market pace: Home are moving at a faster pace – two fewer days on the market – that a year ago.

Of course, all the news is not rosy: home prices increased for the week ending Nov. 11 by 0.7% over last year but, overall, the trends are positive.