The Mortgage Bankers Association conducts a weekly survey designed to capture the demand for mortgages across the country. And according to the latest survey released on November 23rd, mortgage applications (for purchase loans, excluding "refis") decreased 41% compared to the same week in 2021. Note from the chart below, mortgage demand slipped considerably in the months of September and October.
How does this trend impact the Madison area real estate market?
Well, up until just a few weeks ago, inventory was continuing to trend along historically low levels. But now that buyer demand has decreased, we are beginning to see inventory slowly grow again. And as inventory grows, days on market are beginning to slowly increase as some sellers become more flexible with their expectations and their pricing.
Stay tuned for much more market insight in the weeks and months ahead. In the meantime please feel free reach out to us with all of your real estate-related questions. We'd love to hear from you and share what we're observing as we prepare for the 2023 market.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
