October 19, 2023

By Isabel Guzman, Realtor®

Video Transcription

As we move into the last quarter of 2023, what are the latest stats on the national housing market? Hi,Isabel Guzman Broker Associate & Realtor with EXP Realty. I cannot believe we are in the last three
months of 2023 and what a wild roller coaster ride this year has been in the housing market.
Here is the latest data from the National Association of Realtors for the second quarter of 2023:
According to NAR, existing home sales fell 2.2% over the summer to an annual rate of 4.07 million units sold nationally. Year-over-year sales slumped down 16.6% from last year.


However, the medium existing home sale price rose 1.9% from one year ago to $406.700. This is mainly due to the inventory shortage driving prices up. According to NAR chief economist Lawrence
Yun and I quote, “Two factors are driving current sales activity, inventory availability and mortgage rates, unfortunately both have been unfavorable to buyers looking to purchase.”
Nationally unsold inventory sits at a 3.3 month supply at the current sales pace, indicating we are still in a seller's market with the average days on market for a home at 20 days. Remember anything under a 6 months supply of inventory is still considered a Seller's market. finally. Mortgage
rates continued to bump up in the second quarter of 2023 putting a strain on buyers purchasing power. As always, if you are planning on buying or selling, it is always important to reach out to
your local real estate expert to give you the most up-to-date numbers in your area. Feel free to
connect with my me. I'm Isabel and I'm always happy to help.