The December Fresh Report is in from HAR
The basic summary of this data is we have returned to a very similar inventory level that we had 4 years ago.
The difference now is that the average mortgage rates are about 2% higher than they were 4 years ago, and the average value is up over 30% from 4 years ago. You can see the pre-pandemic comparisons at the bottom of each column. Surprisingly, prices have held on.
The Fed is expected to cut the Funds Rate 4-6 times this next year so if they do that it will further bolster the values and possibly even move them higher.
This brings me back to my message I repeat so often. I am asked constantly on the phone when the best time to buy or sell a house is... and the answer is that the best time is right this second, and you'll realize the full benefit at some point over the next 10 years.
Buy and hold is the name of the game.
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