While median prices might be holding steady the time it takes to close has been lengthening. “About half of the buyers I’ve been working with have had their loans extended, and this is pushing out the buyers’ closing date,” said Coventry Merwin, a Redfin coordinator. “There doesn’t seem to be a pattern with respect to what type of bank it is, whether it’s a local or out of state lender, or the type of buyer. It seems to be a result of the lending climate in general. In November three of the six deals I worked on closed later than their contractual closing date. For December two out of the four of the deals will be closing late through no fault of the buyer. We find ourselves coaching buyers, these days, to expect the unexpected once the file goes to underwriting.”
You can download the full spreadsheet from Redfin here, and as usual, I’m going to map the data here.
In the map below each zip code with enough sales in November is shown as a dot, with the size of the dot determined by the number of sales in that zip code in the month. Each dot is color-coded based on whichever measure you select below the map. You can view the month-over-month or year-over-year changes in inventory, sales, median prices, or median prices per square foot for single-family homes, condos, or townhouses. There is also a county selector that allows you to narrow, expand, or modify the geographic view to your liking.
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