A Dip In The Rates…
The lower number of closed sales reflects home sales that most likely occurred in August. August was a quiet month with the combination of rates at 7% and summer vacations not doing the market any favors. Closings that occurred in September were down 41% from closings in August and were 24% lower than September of 2023.
However, this report is not all doom and gloom. We saw a dip in interest rates from a little over 7% down to 6%. Apparently the decrease resulted in additional buyers making offers and that resulted in a big jump in the number of homes going under contract. We also saw a significant decrease in the number of days it takes a house to go under contract.
Will this hold? Hard to say. Unfortunately, the rates have bounced back up to almost 6.5%. We are seeing buyers looking but it feels like fewer are making offers. We will find out the results of the rate uptick next month. In the meantime, if the Bridge Team can help you or someone you know buy or sell a home, we are here to help!
Your call or text to Shelley at 303-981-4560 will be warmly received.
