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OCTOBER NATIONAL HOUSING MARKET UPDATE 2023

October 19, 20231 min read

October 19, 2023

By Isabel Guzman, Realtor®

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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.

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Isabel Guzman

Isabel Guzman, Broker Associate & Realtor® with eXp Realty, is the founder and owner of the Colibri Group.

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Isabel Guzman, Broker Associate & Realtor®

GRI, EPRO, B.A, RENE

301 Main Plaza #214

New Braunfels, TX 78130

Phone: (830) 832-5589

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© 2021-2024 Isabel Guzman

Isabel Guzman is a licensed Broker and Real Estate Agent in the State of Texas and is a leading authority on Central Texas area real estate.

Her love for the communities she lives and works in are why we do what we do. Get to know her and see for yourself her passion and commitment to her profession and her community.