“Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
~ LAWRENCE YUN, NAR Chief Economist, May 21, 2023
• -3.4% compared to March 2022 • -22.2% compared to a year ago (April 2022)
• Avg DOM was 22 days in April
• Down from 29 in March
• Up from 17 in April 2022
• 73% of homes on the market sold in less than 30 days
$388,800 for April 2023 for all existing home types
Down 01.7% compared to a year ago
• Prices were down in the South and West but up in the North and West.
2.9 months inventory
• Down 7.2% from March 2023
• Up 1% from April 2022
“Roughly half of the country is experiencing price gains. Even in markets with lower prices primarily the expensive West region, multiple-off situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”
~ LAWRENCE YUN, NAR Chief Economist, May 21, 2023
• -3.4% from March
• -20.2% from a year ago
HOME PRICE
• -0.6% from a year ago
• $357,900 median sale price
, Average Commitment Rate for a 30-year, conventional, fixed-rate mortgage:
• 6.35% on May 11, 2023
• Down from 6.39% the previous week
• Up from 5.3% from a year ago
LOCAL REAL ESTATE EXPERTISE… LIKE ONLY A NEIGHBOR CAN.
