October 2022 Market Snapshot | Update #RealEstate

October Market Update is in!
The month-over-month median sales price INCREASED for the first time since May 2022. This boost was likely a result of new home sales, which accounted for nearly a third of home sales in October. This significant share of new home sales pulled up the overall median sales price. The fact that October didn’t bring any major changes, price wise, indicates home values are not likely poised to plummet, though we may see more adjustments to come. Higher interest rates have decreased purchase power for buyers and cooled demand, causing some buyers to re-evaluate or press pause on purchasing. However, buyers who were able to purchase this fall had more negotiation power than we’ve seen in years and used creative tactics, like using closing cost credits to buy down the interest rate, to combat higher monthly payments. With price growth slowing and more inventory to choose from, buyers have been able to snag existing homes at a lower price point than they would have a year ago, with the option to refinance down the road if interest rates go down. Whether you are thinking of buying or selling, your local XO Real estate team is here and ready to help! Feel free to reach out anytime!