Happy Monday! Wanted to give a quick shout-out to the 1,000+ new subscribers who signed up to get Altos reports and content last month. We’re happy to have you in our community.
After the Thanksgiving weekend, available inventory dropped by 2.5% to 549,000 single family homes for sale. Demand is also really quiet at the moment. We have under 300,000 single family homes in contract right now. That’s 33% fewer than we had at this time last year.
We do expect purchase activity to pick up immediately after the new year, especially since mortgage rates have ticked down. As I’ve mentioned before, 5.5% interest on the 30-year mortgage is probably the threshold for buyers this year. If by January rates drift below 6%, we’ll see pendings start to tick up. If rates stay at 6% or above, the pace of transactions in Q1 will continue to be very slow.
Check out this week’s Altos update for all the latest market numbers.
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