As we find ourselves in the closing chapter of 2023, it's the perfect time for all homebuyers and sellers to explore the current dynamics of the National Housing Market. Join me, Bonnie Lelak, as we delve into the latest statistics and gain insights into the ever-evolving real estate landscape.
Watch the full video here:
Recent data from Redfin paints an optimistic picture for this Fall, with a 0.3% increase in the listing of new homes for sale. While this might seem like a modest rise, it's a significant development in a market grappling with low inventory. This upswing marks the first since the summer of 2022, indicating that more homeowners are choosing to list their homes despite higher mortgage rates. This decision could stem from an understanding that these rates might persist or a hope that decreased buyer demand could lead to lower house prices.
For serious buyers, this slight increase in listings is a boon, providing a more diversified range of options to choose from. The added inventory opens up opportunities for those seeking their dream homes in a competitive market.
As of now, the national average sale price of homes stands at $412,502, showcasing a commendable 2.2% increase from the previous year. The average 30-year fixed mortgage rate hovers around 7.6%, and homes take about 33 days on average to go pending. These figures offer a comprehensive snapshot of the financial landscape in the current real estate market.
Nationally, there's been a 17% decrease in the number of homes for sale compared to last year. With only a 2.5-month supply available, we find ourselves firmly situated in a seller's market. This indicates that sellers hold the advantage in the current market conditions.
Real estate is a dynamic realm, constantly fluctuating and evolving. To gain the most accurate and up-to-date insights tailored to your local area, it's crucial to consult with your local real estate professional. Their expertise will guide you through the nuanced trends specific to your region.
Feel free to reach out to my team and me for personalized guidance. Whether you're a buyer looking for the perfect home or a seller navigating the market, we're here to help. I'm Bonnie Lelak, representing the Lelak Real Estate Team and eXp Realty, and our passion lies in bringing homes and people together.
Remember, real estate is not just about transactions; it's about creating connections and fostering communities. Stay informed, stay connected, and let's navigate this exciting journey together.
This Fall, there has been a 0.3% increase in new home listings, signaling a positive shift in a market dealing with low inventory.
The slight increase in listings offers more options for serious buyers, providing a welcome variety in home choices.
The national average sale price stands at $412,502, reflecting a 2.2% increase from the previous year.
The national average for a 30-year fixed mortgage rate is approximately 7.6%.
Homes, on average, take about 33 days to go pending in the current market.
Yes, with a 17% decrease in the number of homes for sale compared to last year and a 2.5-month supply, the market remains in favor of sellers.
As we find ourselves in the closing chapter of 2023, it's the perfect time for all homebuyers and sellers to explore the current dynamics of the National Housing Market. Join me, Bonnie Lelak, as we delve into the latest statistics and gain insights into the ever-evolving real estate landscape.
Watch the full video here:
Recent data from Redfin paints an optimistic picture for this Fall, with a 0.3% increase in the listing of new homes for sale. While this might seem like a modest rise, it's a significant development in a market grappling with low inventory. This upswing marks the first since the summer of 2022, indicating that more homeowners are choosing to list their homes despite higher mortgage rates. This decision could stem from an understanding that these rates might persist or a hope that decreased buyer demand could lead to lower house prices.
For serious buyers, this slight increase in listings is a boon, providing a more diversified range of options to choose from. The added inventory opens up opportunities for those seeking their dream homes in a competitive market.
As of now, the national average sale price of homes stands at $412,502, showcasing a commendable 2.2% increase from the previous year. The average 30-year fixed mortgage rate hovers around 7.6%, and homes take about 33 days on average to go pending. These figures offer a comprehensive snapshot of the financial landscape in the current real estate market.
Nationally, there's been a 17% decrease in the number of homes for sale compared to last year. With only a 2.5-month supply available, we find ourselves firmly situated in a seller's market. This indicates that sellers hold the advantage in the current market conditions.
Real estate is a dynamic realm, constantly fluctuating and evolving. To gain the most accurate and up-to-date insights tailored to your local area, it's crucial to consult with your local real estate professional. Their expertise will guide you through the nuanced trends specific to your region.
Feel free to reach out to my team and me for personalized guidance. Whether you're a buyer looking for the perfect home or a seller navigating the market, we're here to help. I'm Bonnie Lelak, representing the Lelak Real Estate Team and eXp Realty, and our passion lies in bringing homes and people together.
Remember, real estate is not just about transactions; it's about creating connections and fostering communities. Stay informed, stay connected, and let's navigate this exciting journey together.
This Fall, there has been a 0.3% increase in new home listings, signaling a positive shift in a market dealing with low inventory.
The slight increase in listings offers more options for serious buyers, providing a welcome variety in home choices.
The national average sale price stands at $412,502, reflecting a 2.2% increase from the previous year.
The national average for a 30-year fixed mortgage rate is approximately 7.6%.
Homes, on average, take about 33 days to go pending in the current market.
Yes, with a 17% decrease in the number of homes for sale compared to last year and a 2.5-month supply, the market remains in favor of sellers.