Local Real Estate Market Update – September
In response to the Feds dropping interest rates by a half point (more than anticipated) – for the first time in four years – mortgage rates have dropped to their lowest level in two years. This drop in mortgage rates has spurred a lot of refinancing applications among owners who bought a home when rates were higher, and, has more buyers slowly (re)entering the market.
Anecdotally, our September open houses have been busy; we had 7 homes go under contract in the last 10 days or so. Zooming into our local neighborhood stats for the full month of August as compared to the previous month of July (MoM), we see more trends moving in the right direction.
Next month, we will look back and examine September data for the Hill as compared to August.
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