REAL ESTATE MARKET NEWS

In October 2024, the housing market saw a 24.7% increase in closed sales compared to the previous year, alongside a substantial 43.4% rise in pending sales. This activity was primarily driven by a temporary drop in mortgage rates, which encouraged more buyers to enter the market. However, a renewed spike in rates, now at 6.72%, could dampen future momentum. Despite challenges, active listings reached 12,619, reflecting a 27% increase from last year. These trends highlight both the market’s recent growth and the ongoing affordability challenges for prospective buyers. The big question remains: What will happen between now and the end of January? Will now be the best time to buy, or should you wait?

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