October 2022 Real Estate Market Report
As we review our October 2022 Real Estate Market Report, statistics show that the Crystal Coast housing trends are normalizing. The time has passed for sellers to “test” the market, and buyers now have the opportunity to take more time making decisions. When interest rates hit 7 percent or higher, it’s not uncommon to see housing markets slow down. However, real estate prices and home values are not expected to drop significantly, and our days on market remain low. Check out the detailed stats below.
Mortgage Rate Forecast for Fourth-Quarter 2022
“Rates for home loans are caught in a tug-of-war between rising inflation and the Federal Reserve’s action to restrain inflation which has indirectly pushed rates higher. The Federal Reserve began hiking its benchmark interest rate in March, and then in June, it raised the rate by 75 basis points—the largest increase since 1994—only to repeat that step again in July and September.
The Fed is expected to continue its commitment to keeping the monetary tightening course of action similar to what we have seen over the last two quarters. This means that rates will likely continue to undergo upward pressure in the upcoming months—or at least until inflation is moderated.” Jon Wood, Atlantic Bay Mortgage
The Bottom Line
If you are in the market to purchase real estate or are interested in knowing how much your home is worth, don’t hesitate to reach out. Our Real Estate agents are here as a free resource to help you make the best decision.
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