I looked and I found out that if you compare November of last year, November 2022, versus November of 2023, we actually had 60% less closings for Single Family Homes. But the good news is our Median Sales Price has been up by 8%. And we are seeing homes selling faster. It’s just a less number of transactions. And this is really due to the high interest rates we had. The good news is the rates did drop from 8% to 6.5%.
So the numbers should look really much better next month. And we are anticipating the rates dropping even further down. So if that happens, we’re going to see more buyers coming on the market and we are already experiencing that. We’re seeing a lot of buyers coming back on the market because they feel more comfortable now with the lower interest rate.
So if you have any questions about your local market, please let me know. Otherwise, I want to wish you all a great 2024 and thank you for listening to all my videos and thank you for all your business and referrals.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379