Monday, November 21, 2022 / by Bryan Baylon
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:
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.