A critical housing market update that every buyer and seller should hear.

It's been a little while since we've given you a market update, so that's what we’ll do today. As everyone knows, or if you've been paying attention to the news at all, we've been going through a little bit of a shift and a market cooldown.

This is going to be the sixth month in a row that we've actually seen our inventory increase month over month. However, it cooled down quite a bit from the previous few months. We've seen a 1,000 unit plus increase. This past month we only went up 244 units, so it’s not a huge jump in inventory. Sales were also down compared to the previous August, wherein we sold 3,999 units. This past August, we were down to 3,324 sales.

“The great news is you have more choices with the inventory being up.”

What this tells us is that it’s not quite the hot seller's market it was going into the summer. However, it is still very much a strong seller's market. In order to have a balanced market, we really need to be around 14,000 units, so we're still shy of that.

It’s a great time to still sell a home, right? It has cooled down. It's not where it was, but you still have a big advantage—there's not a ton of competition. For buyers out there, now's a great time as well. We know that rates have gone up. However, there are some sellers offering buy-downs on interest rates, and there are some other programs out there that could help you.

The great news is you have more choices with the inventory being up. For any further questions on the market or what we predict, please call or email us. We’d love to connect with you.