According to the Delaware Association of Realtors, July saw a double-digit decline in sales and longer sales times.
However, the supply of homes tightened, even with higher interest rates.
According to release from the real estate group the longer sales times gives “buyers additional time for decision-making, suggesting a shift towards a more balanced market. Still, the decrease in new listings and unit sales, property values showed stability.”
“This reduction deviates from the trend seen in the earlier months of 2023, where inventory was steadily growing. The limited availability of homes can potentially influence buyer decisions and market dynamics in the coming months,” the real estate group noted.
Fewer homes for sale will keep prices up, even with higher interest rates.
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