National Real Estate Market Update

August 17, 2023

National Real Estate Market Update

We are well into the second half of the year, So let's take a look at how the housing market has fared so far in 2023. The good news is that despite many gloomy forecasts from early January, residential real estate markets have returned toward more typical seasonal trends. While challenges still remain for today’s buyers and would-be sellers, there's hope and growth in the data.

As we go through the latest numbers, the current data shows us that the housing market is normalizing in many regions after two unprecedented years that we saw during COVID. And we are seeing that in the stabilization of home prices and demand. But on the flipside, we're still seeing a strain on supply, particularly right here on the Central Coast. This is causing sellers who may want to downsize or move-up to stay put due to the tight supply and the higher mortgage rates.

This low inventory is creating more of a demand for buyers who have returned to the market after six or seven months of being on the fence about buying. According to Freddie Mac, 18% of Americans said that they are likely to buy a home in the next six months. At the same time, 16% of homeowners surveyed said that they were planning to sell in the next six months.

These are solid indicators of the market returning to a more typical seasonal trend and active market post-pandemic. And when we look across the country geographically to see where those active listings are growing, we can see that it's pretty widespread. As of June, we saw improvement in active listings compared to last year in the South, the Midwest and in the West. The Northeast was the one region that showed a decline compared to last year.

As always, if you're planning on buying or selling, it's 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 us to discuss your real estate needs in San Luis Obispo County and beyond will see you on the next one.

 


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