#SYNERGY ONE LENDING ADU OPEN HOUSE PLUS#
Whereas, 4-5 months supply is considered a neutral market and 6+ plus months supply is considered a buyers market. Typically 0-3 months supply of homes is considered a sellers market. Currently the market would take 2.8 months to sell off the existing housing supply based on current demand compared to last year when it would have taken 1.92 months. The term "absorption rate" is often used to describe the overall perception of the market. Home inventory for sale over the past month has remained fairly stable with 17% fewer homes coming to market in the month of July 2022 compared to July 2021. The current number of active homes for sale is averaging 818 up 32% compared to last year when home inventories averaged 619 for sale. The past several months have also experienced notable declines in home sales month over month largely due to the higher interest rate environment. The reduction in year over year home sales was anticipated as the pandemic related purchases that were prevalent last year have all but evaporated. Home sales for the month of July finished at 227 down 27.7% compared to the month of July 2021 when home sales finished at 314.
#SYNERGY ONE LENDING ADU OPEN HOUSE UPDATE#
Josh Barker MARKET UPDATE FOR AUGUST 2022 As always, if you have any additional questions, please feel free to respond to this email or contact our office at 53. This month we will discuss some of the hottest topics trending now in our local Shasta County Real Estate Market. The long term fundamentals in the real estate market are sound but adjusting to the higher interest rates will be challenging. It is important to recognize that the market all of us experienced over the past several years was a reflection of abnormal buyer demand fueled by tight home inventory and low interest rates. Home buyers, home sellers and real estate agents that were not in the market prior to 2012 have little experience with market shifts. The reality of the market shifting to a more normal and balanced market is unfamiliar to many. Talk of a market correction has grown louder as home prices have softened and rates continue to remain high. Click Here to watch Josh's video blog for the month of August.
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