Category: Market Reports

As the real estate landscape continues to evolve, it’s crucial for potential home buyers like you to have a clear understanding of the current market dynamics. In this month’s report, we delve into the intricate details of the real estate market as of August 2023. Drawing from expert insights and data-driven analysis, we will address the concerns and fears that have gripped consumers, provide historical context, and shed light on the most up-to-date trends. Let’s embark on this journey together and empower you with the knowledge needed to make informed decisions regarding your home-buying journey. VIEW THE REPORT Topics: Introduction Consumer Concerns and Fear: Setting the Stage Navigating the Waves of Fear: A Historical Perspective Understanding Last Year’s Turbulence and Correction Current Market Trends: Deceleration of Appreciation, Not Depreciation Expert Projections and the Role of Mortgage Rates Chairman Powell’s Strategy: Navigating Inflation and Interest Rates Your Role as a Home Buyer in Today’s Market Conclusion: Embracing Facts over Fear   VIEW THE REPORT   Consumer Concerns and Fear: Setting the Stage: At the beginning of the year, consumers were inundated with headlines predicting a 20% decline in home prices and ominous forecasts of a housing market crash. Such narratives fueled

Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates. VIEW THE REPORT Here are some quotes from this month’s report: Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales. Available inventory strongly impacts home sales, too. . . . existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019. There were 7.1% more homes for sale in June compared to the same time in 2022. This means that there were 41,000 more homes available to buy on a typical day this past month compared to one year ago. However, the inventory growth rate for homes actively for sale continued to slow for the fourth month in a row . . . In the final week of June, we noted that inventory actually declined on a year-over- year basis for the first time since last April. This substantial slowdown was primarily driven by fewer potential sellers opting to list their home and the market which lapped the period of higher inventory

Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates. VIEW THE REPORT Here are some quotes from this month’s report: The only times the spread approached or exceeded 300 basis points were during periods of high inflation or economic volatility, like those seen in the early 1980s or the Great Financial Crisis of 2008-09. It’s reasonable to assume that the spread and, therefore, mortgage rates will retreat in the second half of the year if the Fed takes its foot off the monetary tightening pedal and provides investors with more certainty. However, it’s unlikely that the spread will return to its historical average of 170 basis points, as some risks are here to stay. Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices. The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . It is not very useful for measuring home price appreciation because it is affected by

Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates. VIEW THE REPORT Here are some quotes from this month’s report: On a quarterly basis, home prices rose a seasonally adjusted 1.0 percent in Q1 2023 . . . the fact that prices rose slightly in the first quarter is evidence of significant pent up mortgage demand, despite ongoing affordability constraints. Just five months ago, prices were declining on a seasonally adjusted month-overmonth basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February. There’s no reason to panic, at least not yet. Foreclosure filings began ticking up in late 2021, after the federal foreclosure moratorium ended. The moratorium was enacted in the early days of COVID-19, when millions of Americans lost their jobs, to prevent a tsunami of homeowners losing their properties. Given their assessment of the potential economic effects of the recent bankingsector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this