Hard to believe we are now in the middle of 2023. So what is currently happening nationally in the housing market?
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty.
According to the National Association of Realtors, the number of sales for previously owned homes fell 3.4% nationally last month mainly due to limited inventory and fluctuating mortgage rates. A reported 4.28 million homes were sold across the United States.
*This was better* than what economists predicted. We are however seeing sales down 23.2% from this time last year. As far as pricing, the national median price for an existing home fell 1.7% from last year to an average of $388,800. The number of homes on the market rose 2.2% but is still down from the previous year and the average days on market nationality is 22 days. As a whole, we are seeing home sales fall in all regions of the United States with the sharpest drop in the West. All cash buyers made up 28% of sales and about 29% of homes were sold to first-time home buyers.
We still continue to see some sellers reluctant to list their homes due to higher mortgage rates.
New home construction is responding to the lack of resale inventory by bumping up new construction and we are seeing the number of new builds increasing in all regions. Overall, the housing market is still struggling to recover as we move into the second half of the year. If you would like more information on current housing data or what is happening locally in your area, feel free to reach out to me for the most up-to-date information.
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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.
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