In October, the real estate market experienced the impact of both seasonality and fluctuating interest rates. There were fewer active listings, new listings, and pending listings compared to the same period last year. However, there was a slight increase in demand, as reflected in the number of pending listings, which is consistent with the trend observed in October 2022.
Despite these fluctuations, property prices continued to rise. The average closing price for single-family homes increased by 4.0% year-over-year, and the closed-price-to-list-price ratio reached 99.1%, marking a slight 0.3% increase from the previous year. While these changes may appear modest, they underscore the resilience and strength of property prices in the current market.
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