~ LAWRENCEYUN, NAR Chief Economist, March 21, 2023
“Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines. Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
+14.5% compared to January 2022
-22.6% compared to a year ago (February 2022)
• Avg DOM was 34 days in February
• Up from 33 in January
• Up from 18 in February 2022
• 57% of homes on the market sold in less than 30 days
$363,000 for February 2023 for all existing home types
Down 0.2% compared to a year ago
• Ended a 131 month streak of of year-over year growth, which was the longest on record.
2.6 months inventory • Down 10.3% from January 2023
Up 15.3% from February 2022
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.
~ LAWRENCEYUN, NAR Chief Economist, February 21, 2023
• +15.9% from January
• -21.3% from a year ago
HOME PRICE
• +2.7% from a year ago
• $342,000 median sale price
MAC, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage:
6.60% on March 16, 2023
Down from 6.73% the previous week
LOCALREALESTATE EXPERTISE… LIKE ONLYANEIGHBOR CAN.
