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Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.

New Listings in Washtenaw County decreased 29.2 percent for Single Family homes and 24.7 percent for Townhouse/Condo homes. Pending Sales decreased 6.1 percent for Single Family homes but increased 14.5 percent for Townhouse/Condo homes. Inventory decreased 8.6 percent for Single Family homes and 29.6 percent for Townhouse/Condo homes. 

Median Sales Price in Washtenaw County increased 7.2 percent to $378,735 for Single Family homes and 7.5 percent to $280,000 for Townhouse/Condo homes. Average Days on Market increased 4.0 percent for Single Family homes and 36.1 percent for Townhouse/Condo homes. Months Supply of Inventory increased 6.2 percent for Single Family homes but decreased 20.0 percent for Townhouse/Condo properties. 

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.   

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