June 2023 MARKET MINUTE
~ LAWRENCEYUN, NAR Chief Economist, June 22, 2023
“Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales.”
• 0.2% compared toApril 2022
• -20.4% compared to a year ago (May 2022)
• Avg DOM was 18 days in May
• Down from 22 inApril
• Up from 16 in May 2022
• 74% of homes on the market sold in less than 30 days
$396,100 for May 2023 for all existing home types
Down 3.1% compared to a year ago
• Prices were up in the Northeast and Midwest and down in the South and West.
3.0 months inventory
• Up 3.8% fromApril 2023
• Down 61% from May 2022
“Available inventory strongly impacts home sales, too. Newly constructed homes are selling at a pace reminiscent of pre-panademic time because of abundant inventory in that sector. However, existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019.”
~ LAWRENCEYUN, NAR Chief Economist, May 21, 2023
• 1.5% from April
• -16.5% from a year ago
HOME PRICE
• -2.7% from a year ago
• $361,400 median sale price
, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage:
• 6.69% on June 15, 2023
• Down from 6.71% the previous week
• Up from 5.78% from a year ago
LOCALREALESTATE EXPERTISE… LIKE ONLYANEIGHBOR CAN.
