What is the Current Housing Market Situation?

What is the Current Housing Market Situation?

We are now in the busiest home buying and selling season, so what are the current stats nationwide telling us about the housing market today? 

Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty.

According to Redfin, new listings are down more than 20% from a year ago as homeowners hold on to their low mortgage rates. In other words, if a homeowner does not have a life-changing event or urgency to sell, they are staying in their homes due to the higher mortgage rates making it difficult to buy another home. 

This is creating lower inventory levels nationwide. On the other hand, it is also creating a buying frenzy with buyers battling for the few homes on the market. Many markets are experiencing multiple offers. All this combined is keeping home prices from drastically falling… 

Nationwide, we are seeing the US median sale price go down about 2.8% from last year. Here are some other very important nationwide stats… 47% of homes that went under contract had an accepted offer within the first two weeks of being on the market, the highest level in nearly a year, and 30% of homes sold above their final list price. 

Finally, the current absorption rate, or months of supply, is at 2.7 months nationwide. Meaning it would take almost 3 months for the current inventory to sell at the current sales pace. This keeps us in a seller’s market as four to five months is a balanced supply and anything lower indicates the seller has more favorable market conditions. 

As always, if you are contemplating selling or buying, contact me today so I can go over all the latest housing data with you locally and nationally to put you in the best position to move forward. 

And if you’re someone that needs to sell a home, 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… 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?



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