What's the Current Housing Market Situation?
We are now in the busiest home buying and selling season, so what are the current stats nationwide telling us about the housing market today?
According to Redfin, new listings are down more than 20% from a year ago as homeowners hold on to their low mortgage rates. In other words, if a homeowner does not have a life-changing event or urgency to sell, they are staying in their homes due to the higher mortgage rates making it difficult to buy another home. This is creating lower inventory levels nationwide. On the other hand, it is also creating a buying frenzy with buyers battling for the few homes on the market. Many markets are experiencing multiple offers. All this combined is keeping home prices from drastically falling.
Nationwide, we are seeing the US median sale price go down about 2.8% from last year. Here are some other very important nationwide stats… 47% of homes that went under contract had an accepted offer within the first two weeks of being on the market, the highest level in nearly a year, and 30% of homes sold above their final list price. Finally, the current absorption rate, or months of supply, is at 2.7 months nationwide. Meaning it would take almost 3 months for the current inventory to sell at the current sales pace. In San Diego, however, the current supply of homes is approximately just 3 weeks! So, the current sellers’ market will likely continue here until these dynamics change, at some point in the future.
If you are contemplating selling or buying, contact my team and I so we can go over all the latest housing data with you locally and nationally to put you in the best position to move forward.
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!