Two Housing Trends to Watch đź‘€Now!
Two key housing trends have emerged this week:
- Mortgage Purchase Index: Increased by 9% compared to the same week last year, indicating more buyers are entering the market.
- New Listings on the Rise: Home sellers boosted their activity in September, with 11.6% more homes newly listed compared to last year—a three-year high—driven by falling mortgage rates and a recent rate cut by the Fed.
As Mike Fratantoni, Chief Economist of the Mortgage Bankers Association, said,
“The news for the week was that more homebuyers appear to be entering the market. Inventories of both new and existing homes have been increasing over the course of 2024, meaning that potential buyers have properties to look at and now have somewhat lower mortgage rates leading to better affordability.”
What does this mean for you? With more buyers entering the market and competition among sellers picking up, now could be your chance to list before spring brings a further surge of listings. Now, what does this mean for your moving plans? It could mean the Santa Fe “spring” market will begin again sooner than you think. It may be time to explore your options and learn more about our local Santa Fe market. Let’s connect. Call or email for a confidential consultation. Thank you for reading, Emily Medvec.