September home prices in Delaware rise as sales fall

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According to the Delaware Association of Realtors, homes remained on the market slightly longer in September.

Although there was a decrease in new listings and units sold, the dollar value of homes in Delaware continued to rise. 

A notable development this month was an increase in active inventory, reversing the trend from August. This increase provides potential buyers with more options.

One area being watched, is a decline in pending sales.

September’s data highlights a Delaware housing market that is responsive and adapting to ongoing changes, according to the real estate group.

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Not mentioned was an increase in interest rates, a factor is keeping buyers on the sidelines.

The current 8% interest rate adds up to a mortgage payment that is $700 higher than the figure for a 4% rate.

The higher rates can also keep some sellers staying put unless they have paid off most or all of their mortgage.

A comparison of the September 2022/September 2023 data is available by  visiting this website.

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