~ LAWRENCE YUN, NAR Chief Economist, August 22, 2023
“Two factors are driving current sales activity – inventory availability and mortgage rates. Unfortunately, both have been unfavorable to buyers.”
• -2.2 compared to June 2023 • -16.% compared to a year ago (June 2022)
• Avg DOM was 20 days in July
• Up from 18 days in July
• Up from 14 in July 2022
• 74% of homes on the market sold in less than 30 days
• $406,700 for July 2023 for all existing home types
• Up 1.9% compared to a year ago
• Prices were up in the Northeast, South, and Midwest. Prices were unchanged in the West.
3.3 months inventory
• Up from 3.1 months from in June 2023
• Up from 3.2 months in July 2022
“Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines. However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.”
~ LAWRENCE YUN, NAR Chief Economist, August 22, 2023
• -2.6% from June
• -14.3% from a year ago
HOME PRICE
• +1.7% from a year ago
• $366,200 median sale price
, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage:
• 7.09% on August 17, 2023
• Up from 6.96% the previous week
• Up from 5.13% from a year ago
LOCAL REAL ESTATE EXPERTISE… LIKE ONLY A NEIGHBOR CAN.
