STATE OF HOUSING MARKET
As we move into the last quarter of 2023, what are the latest stats on the national housing market? I cannot believe we are in the last three months of 2023 and what a wild roller coaster ride this year has been in the housing market. Here is the latest data from the National Association of Realtors for the second quarter of 2023: According to NAR, existing home sales fell 2.2% over the summer to an annual rate of 4.07 million units sold nationally. Year-over-year sales slumped down 16.6% from last year. However, the medium existing home sale price rose 1.9% from one year ago to $406.700. This is mainly due to the inventory shortage driving prices up.
According to NAR chief economist Lawrence Yun and I quote, “Two factors are driving current sales activity, inventory availability and mortgage rates, unfortunately both have been unfavorable to buyers looking to purchase.” Nationally unsold inventory sits at a 3.3-month supply, at the current sales pace, indicating we are still in a seller's market with the average days on market for a home at 20 days. Mortgage rates continued to bump up in the second quarter of 2023 putting a strain on buyers purchasing power.
As always, if you are planning on buying or selling, it is always important to reach out to your local real estate expert to give you the most up-to-date numbers in your area. If you would like more information on the current housing data and find out what is happening locally in your immediate area, give us a jingle. My team and I can help you strategize the sale of your home to get the best return on your investment.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!