National Housing Market Update July 2023

As a real estate professional, I am always asked what is going on with the housing market. And I think we can agree it’s been a wild ride lately. Let’s take a look at the National housing numbers now that we’ve settled into the second half of 2023. Keep in mind that this is looking at June because NAR is NATIONWIDE SO IT takes a little longer to put the data out than our local association- HAR. So according to the latest report from NAR, existing home sales dropped 3.3% in June and are down 18.9% percent overall from last year. However, due to limited inventory, the national median price is at $410,200 (four hundred ten thousand and two hundred) which is the second highest price ever recorded since NAR began tracking. As of the end of June, nationally we are seeing an absorption rate of 3.1 months supply (which means if no new homes came on the market- it would take 3.1 months for all of them to sell which indicates we are still in a seller’s market. According to Nar chief economist lawrence Yun, “Home sales fell but home prices have held firm in most parts of the country. Limited supply is still leading to multiple offer situations with one-third of homes getting sold above the list price in the last month”. Properties are on the market for an average of 18 days and 66 percent of homes sold in June were on the market for less than a month. Simply put, there are not enough homes for sale on the market to meet the buyer's demand. If youwould like to know more about what is happening locally in your area, watch my video on the Houston area real estate market and connect with me to dive into YOUR neighborhood. If you found this content useful and want to stay informed, hit that like & follow button & I’ll keep YOU in the loop!