Sales of resale homes in Belmont have declined this year as mortgage rates have increased. Surprisingly, inventory levels have not reached threshold conditions enough to put downward pressure on pricing to any large extent. Fewer sales can be the simple result of having fewer homes for sale (low inventory). This can have the effect of raising prices as buyer compete for relatively small inventory. Fewer sales can also be attributed in the case where large inventory exists to buyers simply deciding not to purchase a home. Examining the "Days on market" and "Percent a Seller Receives" graph can help explain which is the current market condition.
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