New Listings Rise but Homebuyers Retreat

Here’s your latest mid-October 2023 housing market update! With the rapid rise in mortgage rates and home prices, buyer’s purchasing power has been crushed over the past few years. Home sold prices in the United States have been decreasing since July 2023 (seasonal) but housing affordability remains very close to a record low as average 30 year fixed mortgage rates surged to nearly a 23-year high last week (highest rates since early-December 2000 per Freddie Mac).

However, there’s a very small glimmer of hope for homebuyers as the number of newly listed houses has increased by 2% since the beginning of September (normally new listings decrease during this time of the year). This gives home buyers more options of homes for sale but affordability constraints and historically low inventory levels of existing houses still weigh on demand.

Many homebuyers are waiting for more affordable houses to be listed for sale but housing inventory is still down by double digits compared to a year ago and the US median sold price is up by 7% year to date. There’s also approximately 45% fewer homes for sale nationwide compared to pre-COVID levels.

I share this along with pending home sales, new listings, days on the market and more based on Redfin’s latest housing market update (link below). Thank you for watching the video! I appreciate you. Please like, share this video and subscribe!

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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi

Reports I discussed:
https://www.redfin.com/news/housing-market-update-new-listings-tick-up/

https://www.freddiemac.com/media-room

https://fred.stlouisfed.org/graph/?g=NUh#0

https://www.redfin.com/news/data-center/

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.6% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (CPA lic 103885 - inactive)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#Redfin #Zillow #homeprices


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