The Average Sale Price is Down by a slight 0.2% from the previous week, Compared to last year, the average sale price is up 2.4%. The average sale price has been higher than last year's average for 4 of the last 5 weeks.
Buyer Demand is Up by a surprising 13% vs the previous week. The number of new purchase agreements signed last week was only 3.3% lower than last year's number. That may be the closest margin we've seen so far this year - indicating that this year's demand might be catching up to last year's.
Mortgage RatesDropped to 6.75% for the 30-year fixed, and the yield on the 10-year treasury (one of our best indicators of where mortgage rates are headed) continues to inch down.
The supply of homes for buyers to purchase continues to decrease, but at a slower pace than last year. We now have 4.2% More Homes on the Active Market than last year at this time. The number of homes new to the 'for sale' market last week also surpassed last year's number for maybe only the 1st or 2nd time this year. If these two new trends continue, it may start to put downward pressure on sale prices.