WITH CHRISTINA WINDOW AND RUSSIA TO. >> OUR HOME PRICES. FINALLY SETTING THAT SETTLING DOWN IN THE REAL ESTATE MARKET. WHAT ABOUT CONDO SALES AND HOW MUCH ARE INTEREST RATES AFFECTING BUYERS? JOINING US THIS MORNING IS CHAT CHIEF OPERATING OFFICER FOR LOCATIONS. GOOD MORNING, CHAD. HARD DURINTHIS MORNING. GOOD MORNING. ROSS. NOW, FIRST OFF, WHAT HAPPENED TO THE WAHOO REAL ESTATE MARKET LAST MONTH WHEN NOVEMBER? WE'RE STARTING TO SEE THAT IN THE MARKET MODERATING A BIT MORE TO OUR NORMAL MARKET. YOU'RE SEEING NUMBER SALES DECREASED CONTINUED DECREASE. WE HAVE 40% DROP IN SINGLE-FAMILY HOME SALES. >> 43% DROP IN A CONDO SALES FOR THE MONTH OF NOVEMBER. BUT MEDIAN PRICES, YOU KNOW, STILL ABOVE 2021 PRICES AND YOU KNOW THAT THAT INCREASE IN PRICING IS STARTING TO LEVEL OFF A BIT.
SO KIND OF SETTLING DOWN. YES, YEAH. WHAT ABOUT THE COMPETITION? HOW QUICKLY ARE HOMES SELLING? WELL, YOU KNOW, COMPETITION IS STILL OUT THERE. I MEAN, IT DEPENDS ON WHAT NEIGHBORHOOD YOU'RE LOOKING AT. YOU KNOW, ABOUT 4 IN 10 SINGLE-FAMILY HOMES HAVE BEEN SOLD OVER ASKING PRICE ABOUT ONE IN 4 CONDO. SO THERE'S STILL SOME COMPETITION. YOU HAVE TO KIND OF KNOW WHAT IT'S IT'S MORE SEVERE THAN OTHERS AS A SELLER. SO BASICALLY IT'S WHATEVER YOU WANT TO SELL IT AT. HOPEFULLY IT'S YOU CAN'T BE LIKE LAST YEAR WHERE YOU LIKE GOING UP, ASK ABOVE, ASKING PRICE NOW YOU CAN JUST THROW A NUMBER OUT THERE AND AND LET THE CARDS FALL. YOU KNOWYOU HAVE TO KIND OF KNOW YOUR YOUR MARKETS PRICED ACCORDINGLY. NOW, WHAT TRENDS ARE YOU SEEING IN THE MARKET RIGHT NOW? YOU KNOW, WE'RE SEEING A LITTLE, YOU KNOW, SINCE ME, YOU KNOW, SINCE THE INTEREST RATE WE'RE STARTING TO SEE A LITTLE BIT MORE PRICE FOR ACTIVE LISTINGS.
PROBABLY THE PIECE OF WHAT WE SAW EARLY IN THE YEAR. BUT STILL, YOU KNOW, THE LEVELS OF REDUCTIONS. THERE IS MORE SIMILAR TO A PRE-PDEMIC LEVELS WERE. NOW WHAT'S HAPPENING WITH MORTGAGE RATES RIGHT NOW? WHAT WE ACTUALLY SETTLED ON A BIT OF MORTGAGE RATES COST AROUND 6 AND A HALF PERCENT RECENTLY. YOU KNOW, ANTICIPATE THAT KIND OF BEING THE RAIN, 6 TO 6 AND A HALF PERCENT GOING INTO 2023, WHICH, YOU KNOW, RELATIVELY SPEAKING, I REMEMBER 2008, 6 AND A QUARTER PERCENT. YOU KNOW, THAT WAS NORMAL. SO YOU KNOW, IT'S IT'S IT WAS YOU KNOW, AS INFLATION GETS A LITTLE ADVICE TO BUYERS AND SELLERS. I THINK IF YOU HAVE A NEED IT'S JUST REALLY ABOUT WHAT YOU CAN AFFORD. THERE ARE ALTERNATE FINANCING VERSUS THE TRADITIONAL 30 YEAR FIXED MORTGAGE. SO MAKE SURE EXPLORE L YOUR OPTIONS AND SEE WHAT YOU CAN AFFORD. AND IT'S STILL A .
