September 2023 Cape Cod Real Estate Market Update
from Cape Cod's Favorite Real Estate Pros, Nichole Willey & Team
August 2023 Market Stats for Barnstable County (Video)
"Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). New Listings were down 0.9 percent for single-family homes but were up 3.3 percent for condominium properties. Closed Sales decreased 22.4 percent for single-family homes and 7.9 percent for condominium properties.
The Median Sales Price remained flat for single-family homes at $700,000 but was up 7.1 percent to $535,000 for condominium properties. Months Supply of Inventory increased 9.5 percent for single-family units and 11.1 percent for condominium units.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier."
Information provided by The Cape Cod & Islands Association of REALTORS
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