August saw a decline in home sales, with the number of units sold falling below 600 for the first time in a decade. This dip in home sales is attributed to the current lending conditions, which may not be favorable for prospective buyers. However, there are some positive aspects for buyers in this market.
Firstly, August experienced a higher level of listing activity, giving buyers more options to choose from and potentially helping to stabilize or lower prices. Despite this, affordability remains a significant concern for those looking to enter the housing market, as finding a balance between their desires and their budget can be challenging.
Condominiums may be a more accessible option for potential buyers right now. Condos are often seen as a good choice for both first-time buyers and those seeking a change in their lifestyle. They typically come with lower price tags compared to single-family homes and often include amenities that can enhance the overall living experience.
Contact me for further information or to chat about the current market conditions.