Housing market stats are in for Single Family Homes in Hernando County! 

Here are the 3 big things to pay attention to:

#1) Number of home sales are down 20%, year to year.

#2) The average interest rate on a 30-year mortgage dropped to 7.03% from 7.22%. This is the sixth straight weekly drop for rates.

#3) We have just under 4 months of inventory, meaning if new homes stopped entering the market it would take just under 4 months for all of the current, active homes to sell. Having 6 months of inventory is considered a "balanced market". 

While sales of previously occupied U.S. homes are down 20%, home prices have kept climbing amid a stubbornly low supply of properties on the market. Although, as mortgage rates ease, they boost borrowers’ purchasing power, increasing how much home they can afford. This is pointing to seller’s being more open to negotiating with buyers, which is a much different story compared to 2021-2022.