Housing Market Sees Renewed Energy This Fall
The latest housing numbers show a meaningful bump in activity across the country. Existing home sales rose 1.5% in September compared to August, reaching a seasonally adjusted annual rate of 4.06 million units. While that came in slightly below forecasts, it marked the strongest pace in seven months and a 4.1% increase over last year.
Regionally, the South and Northeast led annual gains, while the West saw the biggest monthly improvement. The Midwest was the only region to experience a slight decline. Because these figures reflect closings, most buyers were locking in rates during July and August when mortgage rates were beginning to trend lower. At that time, the average 30-year fixed rate was about 6.67%. Recently, it’s closer to 6.33%, according to Mortgage News Daily.
Lower mortgage rates and improving affordability are helping more buyers step back into the market. Inventory also continues to improve, up 14% from a year ago to 1.55 million homes for sale at the end of September. Even with those gains, supply remains tight by historical standards, sitting at a 4.6-month supply. A six-month supply is typically considered balanced between buyers and sellers.
Home prices are still climbing, with the national median reaching $415,200 in September. That’s up 2.1% from last year and marks the 27th consecutive month of annual price growth. The most significant growth continues to be at the high end of the market, where sales of homes priced above $1 million rose roughly 20% from a year ago.
Here in Oregon and Southwest Washington, this national data reflects much of what has been seeing firsthand. Buyer activity has picked up as rates have eased, and listings that sat through the summer are drawing fresh attention. Sellers who have been waiting for a better window to list are finding stronger demand and more motivated buyers.
If you’ve been thinking about buying, selling or investing, this is a great time to talk strategy. Reach out today! Let’s review your goals, look at current opportunities and make a plan that positions you for success.
