It’s time to look back on Q3, 2022 with our Market Insights Report, a quarterly publication that offers our perspective on the local real estate market.
Our economy is experiencing rising inflation, declining consumer confidence and a bear market. It may sound like doom and gloom but it is times like these when we need to take a deep breath and take the time to assess the situation. The National Bureau of Economic Research (NBER) sums it up perfectly with its statement:
“We have a hard time believing the economy is in recession today, given a strong labor market and corporate earnings growth.” – The National Bureau of Economic Research (NBER)
We’ve seen a shift in the market throughout the late summer and early fall, which has had its ups and downs. Continually rising interest rates indicate buyer demand has rescinded, but not enough to create an inventory surplus in most areas. We are still in a sellers market because there is still more demand than supply. Market prices continue to increase despite a decrease in units sold.
So, how did all of this effect the numbers in our areas of operation in Q3?
Click to view Market Insights for your Area: