October is another month of a different real estate market. Without being specific to Santa Fe, New Mexico, this snapshot of the US market may help explain what is going on.
- Available inventory of unsold homes on the market continues to climb at its fastest rate all year.
- The total count of unsold single family homes grew by 9,000 this week, which is very unusual for this late in the year.
- It’s important to note that this amazing inventory growth is from weaker-than-normal demand, not from a surge of sellers.
- The question is whether we’ll see inventory grow in November, which would be unheard of and would be a bearish indicator for home prices in 2024.
Stay tuned for updates. If you have any interest is moving, let’s connect and look at your options, what is possible and how you can benefit from this market. I am available to help you outthink this market turbulence. Just give me a call. Thank you for reading, Emily Medvec 505.660.4541
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