Is October’s housing market that unsettling and harsh? Some people might certainly respond “yes” to this question. For others, the answer may be much less specific. In this article, we will look at whether or not it makes sense to invest in the current real estate market. Lastly, we’ll look at what factors might cause a change in the next few months, when mortgage rates are high.
If you’re interested in learning more about the October real estate statistics, You’ve arrived at the correct location. We’ll contrast this month’s numbers with those from a year ago. So, whether you’re looking to buy or sell a house, we encourage you to read the entire report to find out what we advise and what the future of interest rates holds.
October Real Estate Market Update
If you’ve read any of our other reports, you already know that the market in September wasn’t anything out of the norm from what we’ve seen in past months. As a result of the growing cost of borrowing money, homebuyers are delaying their purchases. So how has this pattern deviated since the month of October?
On the other hand, the month of October showed tremendous expansion at the beginning of this month. Even if there is a decrease in the number of residences being sold, this was not a surprise. If you read our news on a regular basis, you are probably already aware of this.
Average Mortgage Rates As Of October 27, 2022
The average mortgage rates in the real estate market are vital to consumers, especially those looking to purchase a home. This information can help individuals make informed decisions about whether or not to purchase a home and can help them compare different mortgage products. Knowing the average mortgage rates in the real estate market can also help consumers avoid overpaying for a home and be aware of potential risks associated with a purchase.
- 30-Year Fixed-rate Mortgage – 7.08%.
- 15 Year Fixed-rate Mortgage – 6.36%.
- 5/1 Year Fixed-rate Mortgage – 5.96%.
Running Seven-Day Average
As the name suggests, the seven-day average is a market trend indicator for the previous seven days. It offers information on recent occurrences, is a superior indicator for the short term, and spots trends earlier than annual reports.
New Listing — 915
Back on The Market — 155
List Price Reduced — 1183
Listing Expired — 110
The list price Increased — 31
Listing Sold — 929
Contingent — 35
Listing Pending — 1155
Listing Cancelled — 293
Compared To Last Month
It’s time to examine the October real estate statistics and compare them to the same month last year. And the figures for this year are as follows! Sales are increasing, inventory is decreasing, and prices are also dropping.
- The number of homes sold was 13098, up 0.1%.
- The number of listings was 6130, down by 16.6%.
- Under the contract were 4786, decreasing by 10.8%.
- Sold price vs. The original price was 5031, down by 14.4%.
Now is a great time if you’re considering buying or selling a home this year. Purchasing a home now and refinancing it in the upcoming quarter, when there will be a lot more demand for homes, is a great way to take advantage of this opportunity.
Compared To Last Year
When we compared the numbers from October 2022 to October 2021. Here’s what we discovered.
- The number of homes sold increased by 119.4% to 13098.
- The number of listings was 6130, down by 18.5%.
- Under the contract were 4786, decreasing by 35.5%.
- Sold price vs. The original price was 5031, down by 37.4%.
Despite a modest dip from September to October, the housing market continued to show signs of strength. It is heartening to see that a housing recovery appears to be getting off the ground. In the next months, we will keep a close check on the property market to determine whether or not these tendencies will persist.
Takeaway
Finally, the October real estate market is not frightening because it is seasonal. Furthermore, even in these difficult times, we see consistent deals because our market is one of the top five in the United States. This demonstrates that reasonably priced homes will always be in high demand, and buyers will always be looking to purchase them. Finally, before entering the market, we recommend thorough planning. Interest rates are expected to fall when patient buyers go out looking for homes in the coming year. That could be your opportunity; if you capitalized properly, you could make a lot of money.
