Housing Market Recap - June 2023

Dated: July 13 2023

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Hello! It's been a while since we have posted a blog article. Between the busy summer real estate season, travel (for both Pat & Karen), and Karen's kitchen remodel, we have had our hands full. We carved out some time for this post because we think it's important to update you on the current market.

June market snapshot

If you look at the information above, you will see that sales for the month were down 16.3% vs 2022, but new listings fell almost 26%. Our area, like much of the country, continues to suffer from a shortage of housing. There simply are not enough homes for all of the current buyers. It is still a very good market for sellers.

As you would expect, that lack of inventory pushes the average sales price higher year-over-year. For the month, the average sale price increased to $268,332 which is up 5.3% vs 2022. The good news for buyers is that year-to-date sales prices increased just 4.4%. That is an improvement over 2022 when sales prices were up 11.6%. We are seeing prices begin to stabilize after the large increases over the past few years.

Why are homes taking longer to sell if there are fewer homes?

The answer is higher interest rates vs last year. Buyers are unwilling to overspend on a home when they are dealing with increases in mortgage rates coupled with rising home prices. Sellers who price their homes over the market value struggle to tempt buyers. Many of them are reluctant to take reductions on their overpriced listings, and so their properties sit on the market for long periods of time. It is the stubbornness of these overpriced home sellers causing the increase, it is not a lack of well qualified buyers.

Should I get into the market now or wait a little longer?

Our local housing market is strong. Well-priced homes are selling very quickly, often with multiple offers. We are still in a seller's market, but buyers have more power this year than they have had in a long while. Interest rates and home prices are stabilizing and we are seeing lots of new housing in our area. If you are considering selling, buying or building a home, please give us a call. This is a good time to get into the market and we would love to put together a plan to meet your housing goals.

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Pat Bradley-Falke

I have been a Realtor for more than 46 years and have been with RE/MAX for the past 33 years. I have an education degree from Ohio State University and a master's in education from Wright State Unive....

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