November is officially over and the monthly sales have come in. Month over month volume is down around 6%, however we are getting towards the end of the year where historically volume slows down. After the election interest rates for the 30 year mortgage went up approximately 3/8%. Even though rates are still extremely low, buyers are calculating the difference in monthly payments from the previous lower rates and the current ones. I don’t know if this will have a negative effect on prices, however I do know that inventory is still very low and there is more demand than supply.
I predict that December will also have a slight decrease in volume compared to November but prices should not move that much. I hope that these statistics are helpful and I will continue sending them to you every month. If you or someone you know is looking to buy or sell real estate, please let me know so I can provide them with excellent service and professionalism.