November Market Update
Watch as David Bartels drills down into the November market data.
There's been a real lull in the market as people are putting off decisions about buying or selling until after the 1st of the year.
David notes a recent report that shows the Oxnard-Ventura market as the 6th Least Affordable real estate market in the country!
We're seeing a rebalancing occur, but not a market crash! Prices are coming down for the 6th month in a row, as Sellers are being forced to discount their price to get Buyers to engage, and Buyers are a lot more price sensitive as their affordability has been battered by higher mortgage rates. Last month, mortgage rates pushed above 5%, but in November they are back down to 4.5% as the Fed seems genuinely concerned about the drag on housing hurting the economy.
Sales are down overall, Days on Market have been steadily increasing, but almost zero price appreciation in the last 12 months and 1-in-4 homes are coming off the market as Expired, Cancelled or Withdrawn!
While rates are down, we expect them to rise above 5% after the 1st quarter of next year as Buyer demand increases.
For Buyers, this might be the best time in years to purchase a home as inventory is higher, prices are being discounted and mortgage interest rates are below 5% again!