As a real estate professional, I am often asked what is going on with the housing market.
And I think we can agree it’s been a wild ride lately.
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty.
Let’s take a look at the National housing numbers as we move into the second half of 2023. According to the latest report from the National Association of Realtors, nationwide existing home sales dropped 3.3% in June and are down 18.9% percent overall from last year. However, due to limited inventory, the national medium price is at $410,200 (four hundred ten thousand two hundred) which is the second highest price ever recorded since NAR began tracking and as of the end of June, nationally we are seeing an absorption rate of 3.1 months supply indicating we are still in a seller’s market.
According to NAR chief economist Lawrence Yun, and I quote, “ Home sales fell but home prices have held firm in most parts of the country. Limited supply is still leading to multiple offer situations with one-third of homes getting sold above the list price in the last month”. Properties are on the market for an average of 18 days and 66 percent of homes sold in June were on the market for less than a month. Simply put, there are not enough homes for sale on the market for the buyer’s demand.
If you would like to know more about what is happening locally in our area, feel free to connect with me so we can go over our local market housing data and help you strategize your next move.
And ask me about my home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them include my super duper digital marketing that absolutely no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?