Monday, October 30, 2023 / by Amy Brown
Monday market in minutes
Prices are still holding steady in Buncombe county despite the rising interest rates. The average home price today is $600,000.
Placing home sales at $300/sf which is the best number that you can use to predict your final closing price.
Closings have dropped by 21.7% putting home sales at a 3 year low.
And sellers today should expect to receive 96.8% of list price, a drop of 2.8% from last week.
The main culprit is still economic uncertainty, rising inflation, and escalating interest rates. The Fed meeting next week should be fairly telling as far as what will carry us through the remainder of the quarter and into quarter 1 of 2024. Real estate experts are not predicting much relief in sight until consumer spending is curtailed and inflation begins to drop.
Here are today's mortgage rates:
Buyers receiving the most consistent rates at this time are those with a credit score between 720-739.
Enjoy your week!
Placing home sales at $300/sf which is the best number that you can use to predict your final closing price.
Closings have dropped by 21.7% putting home sales at a 3 year low.
The main culprit is still economic uncertainty, rising inflation, and escalating interest rates. The Fed meeting next week should be fairly telling as far as what will carry us through the remainder of the quarter and into quarter 1 of 2024. Real estate experts are not predicting much relief in sight until consumer spending is curtailed and inflation begins to drop.
Here are today's mortgage rates:
Buyers receiving the most consistent rates at this time are those with a credit score between 720-739.
Enjoy your week!
