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November 21, 2022 Market Update

Monday, November 21, 2022   /   by Bryan Baylon

November 21, 2022 Market Update

With mortgage rates stabilizing for a while at a rate around 6.6% to 6.7% for a 30 year fixed loan, demand for homes has also stabilized, though at a very low level.

Listings under contract, measured daily, look like this:

Screenshot 2022-12-27 at 12.04.31 PM.png

After plunging in October, there are signs of a slight recovery for demand in November as buyers get accustomed to interest rates that would have seem horrible 3 months ago, but look reasonable after a period when they exceeded 7% by a comfortable margin.

Even so, we have fewer than 7,000 listings under contract across all areas and types and we really should be well over 9,000 in a normal market. We almost achieved 9,000 in late August but the Federal Reserve took an ax to chop that down.

Market insights provided by the Cromford Report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085
602-410-0827

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