Bright MLS September 2024 Housing Report: Falling Mortgage Rates Bring More Buyers
New pending sales higher while prices continue to rise Conditions are improving for buyers in the Mid-Atlantic. Mortgage rates have fallen, inventory is increasing, and buyers have more time to make a decision. While the market is still competitive, this fall will be a better market than buyers have seen in quite some time. Mortgage rates fell to a 20-month low in September and are now just above 6%. The drop in mortgage rates means that prospective homebuyers will save around $300 on the monthly payment of the median-priced home in the region. That drop in rates brought more home shoppers in the market this September. The number of home showings is up in many markets and more offers are being made. There were 19.945 new pending sales across the Bright MLS service area, which is up 10.3% compared to a year ago. “There are many prospective homebuyers who have been waiting for mortgage rates to fall,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “The recent drop in rates has motivated both home buyers and home sellers to get into the market, which means that it will likely be a very busy fourth quarter.” Inventory has been increasing for eight consecutive months in the Bright MLS service area. At the end of September, there were 38,205 total active listings, which is up 16.8% compared to a year ago. Despite the steady increases, overall inventory is still just over half of what it was in 2019. The low inventory is the primary reason why home prices in the region continue to rise. In the Bright MLS service area, the median sold price in September was $410,000, which is down from the summer peak but is an increase of 6.4% over last September. Dropping mortgage rates and more supply will continue to drive more buying activity. It will likely be a busy market for the last few months of the year, with 2024 wrapping up stronger than 2023. Affordability challenges remain for some buyers, with prices expected to continue to rise. More affordable markets could see more buyer interest than more expensive regions. September 2024 Mid-Atlantic Housing Market by Region Philadelphia:Lower rates and more inventory could fuel a busy fall market in Philadelphia Baltimore:Market activity has been sluggish, but sales should pick up in the 4th quarter Washington, D.C.:Home sales in the Washington DC region are picking up as mortgage rates fall The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights. SOURCE Bright MLS
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