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Homes priced under $4 million remain the driving force of the Sun Valley Real Estate Market, with sales up more than 30 percent and total dollar volume rising nearly 25 percent compared to last year. At the same time, new listings in this range are down roughly 14 percent, keeping inventory tight and supporting steady pricing.
October marked the first month this year where the number of sold listings outpaced new listings, with 65 closings and just 49 new listings added. Paired with a healthy 45 pending sales, the market is beginning to chip away at overall inventory. With fewer listings entering late in the year, the Valley may experience a stretch of steady prices, quick absorption in the midrange, and continued competition for well-priced homes.
The Federal Reserve lowered interest rates by 0.25% last week; however, Chair Jerome Powell emphasized that an additional rate cut in December is not a foregone conclusion. His remarks prompted a slight uptick in 30-year mortgage rates across the board. Nevertheless, rates remain at their lowest levels in several years. Check out the below article for a deeper dive into interest rates.
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