1087 detached homes and condo/townhomes closed in November - a new low for the mls this decade. The winter season is historically the low point of our market rhythm. December and January typically chalk the lowest percentage of our annual closings. Good news? Listing inventory continues to decline-this past 7 days by 568 listings! This marks 6 consecutive weeks of declining inventory and a total reduction of 1434 mls listings. 30 year fixed nterest rates today fell to 5.625%. The lowest in a very long time. Bad news? One bank repo auction down, one more this weekend. In total, more than 500 homes are up for auction. Early bidding this past weekend resulted in the gavel hitting the podium with high bids at $90/sf! These are prices not seen in years. Prices will continue to decline for some time as banks continue to move their ultra-high inventories.
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