“The first half of the year was a downer for sure with sales lower by 23%. Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”
~ LAWRENCEYUN, NAR Chief Economist, July 20, 2023
• -3.3 compared to May 2023 • -18.9% compared to a year ago (May 2022)
• Avg DOM was 18 days in June
• Identical to May
• Up from 14 in June 2022
• 76% of homes on the market sold in less than 30 days
$410,200 for June 2023 for all existing home types
Down 0.9% compared to a year ago
• Prices were up in the Northeast and Midwest and down in the South and West.
3.1 months inventory
• Up from 3.0 months from in May 2023
• Up from 2.9 months in June 2022
~ LAWRENCEYUN, NAR Chief Economist, July 20, 2023
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
• -5.4% from May
• -16.2% from a year ago
HOME PRICE
• -1.2% from a year ago
• $366,600 median sale price
, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage:
• 6.96% on July 13, 2023
• Up from 6.81% the previous week
• Up from 5.51% from a year ago
LOCALREALESTATE EXPERTISE… LIKE ONLYANEIGHBOR CAN.
