The glimmer of change, first reported last month, seems to have some legs as both the number of sales and new inventory entering the market continues to see growth.

Compared to November 2022, which saw a market slow to stagnation, November 2023 is showing indications of the return of consumer confidence.  We analyze the various parameters and trends to understand how this could play out in 2024. While the market is still facing interesting challenges with buyers and sellers still firmly on the fence, a few market variables saw a slight shift in October that may offer a glimmer of change for 2024.

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In this month’s report we review:

• Investigate why new inventory is playing such an important role in today’s market.

• While sales have not increased month over month, and nor would we expect them to at this time of the year, we appreciate why it is the comparison of data in the same months of 2022 that shows the optimistic change of the current market.

• Understand what economists predict with respect to the mortgage rates during 2024 and how they could help with market rebound or cause problems if they drop too fast!