Taking the temperature
Following on last month’s graph, we can see that sale price versus list price %—rather than starting to dive precipitously from September to October—stayed about steady this fall. Don’t let that mislead you, though: While there are still wildly competitive homes going under contract (16 offers last week on a house in Wedgwood, 23 in Wallingford), home prices have flattened compared to the insane gains of the spring.
Mortgage interest rates have also fluctuated a touch more than expected; as of this week, they’re back down below 3% for conforming (Fannie/Freddie-backed) loans, so it remains to be seen whether they’ll stay under 4% for all of 2022.
I expect another HOT spring, but as with the last 2 years…I think the one thing we have learned to expect is the unexpected! Ping me anytime to talk numbers…