Here’s what you need to know about the state of our housing market.
Let’s talk about January 2024 and how the market looks. We had about 18,530 active listings this year, which is pretty much the same as last year. Pending sales are down by 4.3%, with 7,655 this year compared to 8,018 last year. Similarly, pending sales are also looking flat, from 3,916 last year to 3,906 this year. The inventory remains unchanged at a four-month supply, indicating it’s still a seller’s market.
Despite this, homes are staying on the market a bit longer. However, people are still buying and selling because interest rates are still under 7%. The Federal Reserve chose not to cut rates due to concerns about inflation and unemployment.
Even though the market is stable, I’m here to assist anyone looking to buy or sell a home. Feel free to share this information with friends and family. You can reach me anytime at 602-738-9943. Have a great day!
