Mortgage News April 1, 2023
The RE/MAX National Housing Report for February 2023 reveals that although there was a year-over-year decrease of 24.4% in home sales, there was a significant month-over-month increase of 16.8% in February, marking the largest increase in 11 months. This surge in sales also put an end to the five-month period of declining sales that started in September.
After a seven-month stretch of declining prices, the median sales price of homes rose to $385,000 in February, which indicates a 0.6% increase from January. This increase marks the end of the price decline trend since the peak of $426,000 in June 2022. However, although there was a slight increase in prices from the previous month, February also marked the first year-over-year decrease in prices since January 2012. The median price was 1.3% lower compared to the same time last year, with a median price of $390,000.
For the 10th month in a row, inventory levels have risen year over year, and the number of homes available for purchase in the report’s 50 metropolitan areas has increased by 55.0% compared to the previous year.
According to Nick Bailey, the President and CEO of RE/MAX, although the prices of homes have stabilized and the demand for them is high, the limited availability of affordable homes continues to pose a challenge. He also noted that many buyers are keeping a close eye on mortgage rates, as changes in rates can significantly impact sales activity. Bailey believes that the direction of mortgage rates will be a significant factor to watch as the real estate market heads into the spring season.
Laurie Thiel, who is the Broker/Owner of RE/MAX Equity Group located in Beaverton, OR, has noticed a rise in demand and activity in her region. She stated that due to the market’s stabilization, the agents in her agency have observed a surge in activity from both buyers and sellers. However, despite this increase, the time taken to sell a home has also gone up, and there is a shortage of inventory in the Portland metropolitan market.
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