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REAL ESTATE UPDATES
Here's the latest news and headlines on property investments, housing, mortgages, refinancing, and real estate markets.
July 2023 brought 4.07 million in sales, a median sales price of $406,700, and 3.3 months of inventory. The median sales price is up 1.9% year-over-year, and inventory was up 0.1 months from July 2022.
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KEY HIGHLIGHTS:
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Pending home sales augmented in June, up 0.3% from May |
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Month over month, contract signings increased in the Northeast and Midwest but decreased in the South and West. |
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NAR forecasts the 30-year fixed mortgage rate will hit 6.4% in 2023, followed by 6.0% in 2024. While median home sales will decrease 12.9% from 2022 to 2023 (4.38 million), they will climb 15.5% in 2024 (5.06 million). |
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"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."
- Lawrence Yun, NAR Chief Economist
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Questions on sales - nationwide or right here in our neighborhood?
I'm always here to help with questions on buying, selling or anything home.
PLATINUM PROPERTIES TEAM | 585-458-4250 | [email protected]
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