Housing inventory at 46 month highs.
Main point: Massachusetts inventory just reached its highest level in almost 4 years!
What it means: Home buyers have more options to choose from. Home sellers should temper their expectations of how quickly their home will sell.
Why now:?Historically in MA, the fall is when housing inventory peaks. This year, with the quick drop in rates over the last 11 months, home sellers are more comfortable listing their home for sale and moving to a new one.?
More homes: Typically we see inventory continuing to rise through October, flatten out the first 1/2 of Nov, and then quickly decline the last 6-7 weeks of the year.
Looking ahead: Moody's chief economist says "“I expect the 30-year fixed mortgage rate will be closing in on 6.0% by the end of the year and settle in near 5.5% by the end of 2025.