As inflation and mortgage interest rates ease down this December, the ice-cold real estate market of the fall seems to be thawing just a bit. Available inventory of homes on the market is declining faster that we expected… implying slightly more purchases than we expected.
In the meantime, median price of single family homes in the U.S. ticked down to $410,000. That’s down 1.2% this week, which is precisely what’s expected for the third week of December. Home prices will end the year right around $400,000. That’ll mean we end the year with 10% home price growth across the country, even though many local markets are way off their peak. Nationally, home prices are still up significantly from last year.
Check out this week’s Altos update for all the latest on inventory, home prices, price reductions, and more.
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