Although the gains are slight, overall the trends in the housing market are positive, which certainly hasn’t been the case for the last few years. These trends include:
- Lower mortgage rates: For the third week in a row, rates decreased, now at 7.44%. While this is obviously still high, it’s a relief from the climb to 8% which seemed a certainty just a month ago.
- More listings: There 6.4% more listings for the week ending Nov. 11 that a year ago.
- Increased market pace: Home are moving at a faster pace – two fewer days on the market – that a year ago.
Of course, all the news is not rosy: home prices increased for the week ending Nov. 11 by 0.7% over last year but, overall, the trends are positive.