Jen HoldenLicense ID:639966- +1(443) 803-7620 jen@thejenholdengroup.com
National Real Estate Insight Report - October 2023
Monthly median house sales price since 1990: The September 2023 median price declined slightly from August, but was up 2.5% year-over-year.
U.S. median house sales price appreciation since 1990. Over the longer term, homeownership has typically been a great builder of household wealth.
Median condo/co-op sales prices since 2000. In markets in which they are common, condos & co-ops are usually a more affordable alternative to houses.
Certainly one of the most important factors in housing markets since 2022 began has been the increase in interest rates, which has continued in recent months.
Using 12-month-rolling-average data, a broad illustration of the huge decline in the number of new listings coming on market over the past 6 years.
Monthly number of homes for sale: The decline in new listings
amid rebounding buyer demand in 2023 has deeply affected supply.
Months Supply of Inventory (MSI) measures the strength of buyer
demand as compared to the supply of listings for sale.
Price reductions have been climbing since spring, a common seasonal trend, especially as we get closer to the mid-winter holiday slowdown.
Monthly number of sales: Economic conditions and low inventory have dramatically impacted monthly and 12-month sales volumes.
Days on market: Generally speaking, homes continue to sell quite quickly, though not quite as quickly as during the height of the pandemic boom.
As a percentage of total sales, all-cash purchases hit their highest point in 9 years, tying the percentage hit earlier this year.
Inflation, the Fed's greatest concern, has plunged from its mid-2022 high, but has not seen the desired level of improvement in recent months.
Employment has remained very strong - in fact too strong for many economists and investors watching the Fed and inflation numbers.
Stock markets remain well up in 2023, but amid economic & political uncertainties are significantly down from the YTD peaks of mid-summer.
Though generally dropping in recent years, the overall trend in new home construction over the past 50 years has been toward larger houses.
According to RealTrends, Compass sells more residential real estate, in dollar-volume sales, than any other brokerage in the nation.
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