How’s the market?
The Market Action Index fell to 37 from last month’s number of 39. As we enter the winter months, this number still remains in sellers’ favor. It seems that buyers are still waiting for mortgage rates to drop; more on that below.
What is the Market Action Index anyways?
Altos Research developed the Market Action Index for an at-a-glance measurement of market conditions. It’s a super quick way to show whether it’s a Buyer’s or Seller’s market. The Index is a barometer of real estate supply and demand. A value above 30 indicates demand is relatively robust, which is referred to as a Seller’s Market. Below 30 is a Buyer’s Market.
Here’s how the Market Action Index is helpful to you…
Use the Market Action Index as a measurement for the relative health of a market and as an indicator for prices. When markets fall into Buyer’s territory prices will likely follow with a downward trend. When markets fall into Seller’s territory prices will likely follow with an upward trend.
How are list prices?
The median list price of homes on the market fell to $400,000 from last month’s $409,900.
What about mortgage rates?
Mortgage rates remained the same last month, staying around the high 6% area. Many experts agree interest rates will likely be dependent on the 10-year yield, which tends to move directionally with mortgage rates.
Learn more & ask questions
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We love talking about the local market and are always eager to answer your questions. Always speak to a real person at (770) 720-4663. You can also get real-time market data by visiting pathpost.com/reports
