Dissecting the Latest Real Estate Shifts in Monroe County | September 2023 Poconos, PA Housing Market Update
Hold onto your seats as we unravel the tangled threads of the September 2023 Poconos market update. We're diving into Monroe and Pike County in Pennsylvania, using the latest data from the National Association of Realtors to shed light on the current market trends. We unravel the implications of recent national sales decrease, the impact of rising borrowing costs, and how the scarcity of inventory is affecting potential buyers. As mortgage rates linger above 7%, we're seeing a 15.3% year-over-year drop in existing home sales - affordability is now a pressing concern.
As the conversation shifts to Monroe County, we dissect the 22% fall in closed sales compared to the previous year. What does this mean for realtors as the market adjusts to climbing interest rates? We're discussing escalating housing prices, potential influences from the Federal Reserve and what the future holds. As we round up the episode, we prognosticate on the housing shortage issue and how it could fuel a surge in the real estate market once interest rates decrease. Join us as we navigate and forecast potential shifts in this dynamic real estate market. Buckle up, it's going to be a fascinating ride!
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