LET’S LOOK AT THE NUMBERS
As a real estate professional, I am often asked what is going on with the housing market. And I think we can agree it’s been a wild ride lately.
Let’s take a look at the National housing numbers as we move into the second half of 2023. According to the latest report from the National Association of Realtors, nationwide existing home sales dropped 3.3% in June and are down 18.9% percent overall from last year. However, due to limited inventory, the national Median price is at $410,200 which is the second highest price ever recorded since NAR began tracking, and as of the end of June, nationally we are seeing an absorption rate of 3.1 months’ supply indicating we are still in a seller’s market.
In San Diego, however, the Median price is currently 1.052 million and the scarcity of housing inventory is keeping prices firm, at least for the time being. According to Nar chief economist Lawrence Yun, and I quote, “Home sales fell but home prices have held firm in most parts of the country. Limited supply is still leading to multiple offer situations with one-third of homes getting sold above the list price in the last month”. Properties are on the market for an average of 18 days and 66 percent of homes sold in June were on the market for less than a month. Simply put, there are not enough homes for sale on the market for the buyer's demand.
Reach out to my team and I so we can help strategize your next move and help you to derive the very BEST outcome in this market!
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!