October 3, 2023

By Isabel Guzman, Realtor®

Video Transcription

Homebuyers and Sellers are you curious to know the latest stats on the National Housing Market? Let’s take a look at the numbers. Hi, I'm Isabel Guzman, Broker Associate and Realtor with eXp Realty According to Redfin, as of today’s data, national home sales are down 16% from last year, however, home prices are still increasing. The average national sales price is $420,385. This is a 2.9% increase from last year. So you can see, even though inventory is low,
home prices are continuing to rise. This is great news for sellers who are on the fence about listing their homes. The national average 30-year fixed mortgage rate is at 7.3% and the average days on market for a home to go pending is currently at 31 days. Across the country,
the number of homes for sale is down 17% from last year and we are currently at a 2-month supply, meaning we are still in a seller’s market. Nationally, we are still seeing the buyer demand for housing with 36.3% of homes selling above list price, most likely receiving multiple offers.
This is also a strong indication the housing market is competitive and bidding wars are more common. Of course, Real Estate is very volatile and always changing. If you would like to learn what’s happening locally in your area, it is always important to reach out to your local real estate expert to give you the most up-to-date numbers. Feel free to connect with my team and me. I'm Isabel and I’m always happy to help.