NOVEMBER 2024 NEWSLETTER
As Thanksgiving Day approaches, Ryan and I have been reflecting on this past year and all that we have to be thankful for.
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This year marks a special milestone—it’s been one year since Ryan left Orchard Realty Services and joined me at Keller Williams Heritage and together we started The Alton Group. We’re incredibly grateful for the opportunity to work side by side, combining our experience to bring even greater value to our clients. With us, you truly get two dedicated agents for the price of one!
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But most of all, we are thankful for you—our amazing clients. Your trust and confidence in us during your home buying or selling journey mean the world to us. Being a part of your story is what drives us and brings us so much joy.
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Market Update
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Looking at the latest data from the San Antonio Board of Realtors (SABOR) for October 2024 compared to October 2023, home prices have remained relatively steady, with a slight year-over-year dip.
However, the most significant change lies in inventory: active listings are up by 16%, and new listings have increased by 14%. Homes are also staying on the market a bit longer (69 days this October compared to 66 last October). This rise in inventory and extended market times bring a small bit of good news for buyers.
Now, if only interest rates would come down—that would make things even better.
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Another noteworthy trend is the stability of the average home price over the past three months, showing only a minimal change of 0.13%. Typically, we’d expect to see more fluctuation during this time of year.
The graph above highlights that in 2022 and 2023, average home prices peaked in June, then generally decreased through the winter months before rising again during the peak summer season. From August to November in those years, prices steadily declined. However, this year, prices have remained steady for the last three months, bucking the usual seasonal trend. It is interesting to see home prices leveling off this year even through the traditional yearly cyclical patterns.
Interest Rate Update
What is going on with interest rates? In September, rates dipped to 6.08%—the lowest we have seen in 2 years. This was welcome news for buyers who’d been waiting on the sidelines for better rates to jump back into the market.
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However, since then, rates climbed back up to 6.84% and sit at 6.69% (as of December 5th 2024) for a 30-year mortgage. "I think the new normal is maybe 6% mortgage rate", says Lawrence Yun, the chief economist at the National Association of Realtors. “If we are lucky, maybe we get to 5.5% mortgage rate. Or if we are unlucky, maybe the mortgage rate trends back up towards 7%.”
Until next month, be safe out there and have a Happy Thanksgiving, Merry Christmas, Happy Hanukkah and Happy Holidays!
As always if you have any questions about the home buying and selling process please do not hesitate to reach out with any questions. We also love your referrals, they are a blessing and the best compliment you can give us!
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All The Best,
Alui and Ryan Alton