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Explore Properties

November 2024

Market Update

November 2024 Market Update

Quick Take:

After the election of Donald J. Trump, bond prices increased in anticipation of his inflationary policy positions. Interest rates are the most significant factor financially in purchasing a home for most buyers, and as we’ve seen over the past two years, higher rates translate to lower sales.
From October 1 – November 7, the average 30-year mortgage rate rose 71bps, landing at 6.79%. The Fed cut rates by 50 bps in September and another 25 bps during the Fed’s November 6-7 meeting.
Sales declined 1.0% month over month, falling to the lowest level in modern history, while inventory rose to its highest level since 2020. The spike in mortgage rates should further slow the market in the winter months.

Note: You can find the charts & graphs, as well as the full Market Update at the link above or click HERE.

*National Association of REALTORS® data is released two months behind, so we estimate the most recent month’s data when possible and appropriate.