As we move into the last quarter of 2023, what are the latest stats on the national housing market?
Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes here in the East Bay.
I cannot believe we are in the last three months of 2023 and what a wild roller coaster ride this year has been in the housing market. Here is the latest data from the NAR, the National Association of Realtors, for the second quarter of 2023: Existing home sales fell 2.2% over the summer to an annual rate of 4.07 million units sold nationally. Year-over-year sales slumped down 16.6% from last year. However, the medium existing home sale price rose 1.9% from one year ago to $406.700.
This is mainly due to the inventory shortage driving prices up. According to NAR chief economist Lawrence Yun, “Two factors are driving current sales activity, inventory availability and mortgage rates, unfortunately both have been unfavorable to buyers looking to purchase.” Nationally unsold inventory sits at a 3.3 month supply at the current sales pace, indicating we are still in a seller’s market with the average days on market for a home at 20 days. Mortgage rates continued to bump up in the second quarter of 2023 putting a strain on buyers purchasing power.
As always, if you are planning on buying or selling, it is always important to reach out to me, your local real estate expert, to give you the most up-to-date numbers… so call me!
And if you need to sell a home, ask me about my selling plans.. Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Hire me to use my digital marketing to sell your home– where I crush Big Box Real Estate websites by getting your home tens of thousands views, and not just a couple thousand. I’m Tanja and I sell homes. I offer you 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?