November Inventory, Sale Prices to List Prices, and Mortgage Rates

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This article covers monthly inventory levels since 2020; the ratio of Sales Prices to List Prices; and mortgage rates.

The inventory of Single Family Homes (SFH) has increased sharply since May , taking the level to its highest since 2020:

Condo Inventory has also increased significantly since June, and has been the highest for 3 years.

More than 50% of Sales at or over List Price
Q3 2024 marked the sixth consecutive quarter when more than 50% of all sales were over List Price (blue line).

Mortgage rates
The 30-year Fixed rate Moretgage (FRM) fluctuated around 7% earlier in the year, before dropping to almost 6% in September. Since then, the strength of the economy and concerns about the ever-increasing debt load that needs to be financed, have driven the yield on the 10-year Treasury – which influences mortgage rates – up by around 0.65% and the 30-year mortgage rate has followed.

And read these articles:
What drives Mortgage Rates – and no it’s not the Federal Reserve
Federal Reserve Chair Powell:”The Time has Come”
The Federal Reserve’s new buzzword: Recalibrate
Earth to Federal Reserve: What are you waiting for?
The Federal Reserve’s Analysis Paralysis

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].

Andrew Oliver, M.B.E.,M.B.A.

REALTOR®

m 617.834.8205

www.OliverReportsMA.com

““If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”

“Thank you for the wonderful, wonderful job you do for the community (explanation of property tax process and calculation) – it is so helpful and so clearly explained.”

Licensed in Massachusetts with Stuart St.James
Licensed in Florida with Compass

www.OliverReportsFL.com