The pace of sales slowed down in September as increasing mortgage rates start to affect the market.
This is further evidenced by decreasing total sales and increasing days on the market.
Historically, we don't see this sort of slowdown until November.
I think we are just starting to see prices shift downward as the sales on the books for September are mostly from deals under contract from June and July.
We are seeing buyers look once again to adjustable rate mortgages in order to find more favorable mortgage rates.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
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