Market Moment - October 5, 2020

With October, we welcome lower temperatures (most days), and lower interest rates!  It’s hard to believe that interest rates could go any lower, such as 2.5% on a 15-year conventional loan!

Consumer confidence, and spending, surged to the highest levels since the start of the Covid-19 pandemic.  The employment report (ADP) also saw the strongest job growth in three months with weekly jobless claims dropping significantly.   The employment situation saw a positive trend with unemployment rates falling month-over-month and manufacturing payrolls almost doubling. Pending home sales and construction spending are also increasing.

Consumers reported having a positive outlook toward the future.

Here in our Greater Albuquerque market area, the numbers are changing.  While in the last week, we have seen 508 New Listings and 483 New Pendings,  we also see 141 homes Back on market, and 261 with Price Changes.  The figure of 141 homes back on market, could mean that parties are not coming to an agreement during inspections, or the buyers purchasing power has changed during the offer time period and no longer qualifies.  These are just two possible scenarios for this figure. 

Call, text or email me and we can talk Real Estate.

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