An Early Look At August Contract Activity


An Early Look At August Contract Activity
By Scott Rogers • September 3, 2024
August 2024 was another busy month of buyers and sellers signing contracts to buy and sell homes. While 109 buyers and sellers signed contracts last August (2023) we saw about the same number (107) sign contracts this August (2024). Looking in a slightly longer context, both of these months of August are a good bit below the 140 contracts signed in August 2022. For a bit more context, here is the average 30 year fixed mortgage interest rate at the start of August for each of the past three years... August 2024 = 6.73% August 2023 = 6.90% August 2022 = 4.99% I think it is very reasonable to conclude that the lower numbers of sellers being willing to sell and buyers being willing to buy in August 2023 and 2024 are related to the higher mortgage interest rate during those years. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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