A real estate housing market is the term used to refer to a network of sellers and buyers looking to sell and buy real estate. There are many common housing market terms and it can be helpful if you have an idea of these terms when looking to buy or sell a real estate property. As a real estate service provider, we discuss some of the most common housing market terms and their trends in the country.

Median Home Prices

The median home price is the middle sale price among the houses ranked from highest to lowest depending on their value in the real estate market. The median home prices in the country, as of September 2022 were up by 7.5% compared to that of 2021.

Median Days On The Market

This is the median number of days spent by a property on the market during a specific period. The current housing market trends show that the median days on the market was thirty-two days which was up by thirteen days year on year.

Mortgage Interest Rates

Lenders charge interest rates on mortgages, Based on the lender, the interest rates can be fixed or variable. As per the current real estate market trend, the national average thirty-year fixed mortgage rate is at 6.9 percent and up 3.8 points Y-O-Y.

Mortgage Application Rates

This shows the number of mortgage applications received in a year against the previous year. The current trend shows that mortgage applications were forty-one percent lower than the previous year.

Inventory

This is the number of unsold commercial and real estate units in an area. Statistics show that the supply of homes is very low. The inventory of unsold existing homes stood at 3.2 months in September 2022.

Homes Sold

This denotes the number of real estate properties that are sold during a period. Data from different sources show that the number of homes sold in 2022 was at an all-time low of 22.5 percent when compared to the previous year.

Foreclosures

Whenever the owner of a home fails to make mortgage payments, the government will take over the property and this is called a foreclosure. As per the available data, 21,869 real estate properties started the foreclosure process in September 2022, which is nine percent down from the previous month and 113% up from the last year.