Posted on
November 5, 2024
by
Sebastian Albrecht

The big headline this past month is that the market appears to be back.
Sales popped rising +44% over the previous month to 752 in October (and +30% from a year ago). This was rather unexpected...as our market has seen demand stagnate for what seems like forever. While we've had a couple of months here and there were Sales surged a bit, it was never this dramatic. And, if anything, demand had really slid in the last few months of the summer and into the fall (just as the first two interest rate cuts hit).
At this point, Sales are just -3% below the 10-yr average...and I think that's an important point. It means that current demand levels (or at least in October) were right about average. That surge just brought us back to where we SHOULD be. It just looks hot in comparison to how slow demand has been in the last year or so.
But what about the rest of the market?
Well, New Listings dropped to 1,727. Down (-16%) from September but about +11% from a year ago and still above (+18%) the ten year...