Market data as of April 2023. For the latest numbers in your area, see my live Altos Research market report.
For my real estate friends and consumer friends, here are a few updates on the real estate market.
First, these are National stats, and as we know, real estate is hyper-local. You can check out your local zip code on this link.
In most US markets, we are still in a seller’s market… with a supply-constrained market and mortgage rates dropping below an infliction point, the spring market will be rewarding for sellers and frustrating for many buyers unless you are going into a new home build.
The challenge: inventory! There is NO indication on a National basis of any significant decline in prices. (hyper-local market exceptions occur)
Home Price Appreciation leveling out according to Case-Schiller and FHFA Top 20 Markets. Markets like Atlanta; Boston, Charlotte, and Chicago seeing solid appreciation. While markets like Seattle; San Francisco, San Diego, and Portland are creating price opportunities.
Cliff notes? We are seeing the lowest percentage of new listings on the market with a price reduction than we’ve seen for some time. Home buyers are buying at these prices. This is a supply-constrained market. Homeowners, in general, are simply unwilling to sell at all. New home builders are gaining a bigger share of housing units sold.
Check out a few of the charts below. Helpful?
Always a DM away. If you need hyper-local agents, I know one in just about every major market across the Americas, Europe, Australia, and the Philippines.
Want help applying this in your brokerage? Book a 30-minute conversation with Mark at calendly.com/mjsession.
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