National Association of REALTORS® Housing Market Update: Spring Homebuying Season Shows Steady Demand Media tour conducted discussing the National Association of REALTORS® update on the spring homebuying season, expectations for the second half of 2023 & generational wealth through homeownership.
New York, NY
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May 24, 2023 02:00 PM Eastern Daylight Time
A video accompanying this announcement is available at: https://youtu.be/ISQQ6BDbGW0
With the spring buying season in full swing, many Americans are contemplating whether it’s a good time to buy or sell a home.
Higher mortgage rates and relentless competition for the few houses on the market are some of the many reasons sellers and buyers should work with an agent who is a REALTOR® to find the right home and negotiate the terms of sale.
In fact, according to NAR:
- Overall, home sales are trying to recover, but they’re heavily influenced by interest rates. Existing-home sales will drop 9.3% this year compared to 2022 but will increase by 15.4% next year.
- The typical seller receives 3.1 offers on their home, and 33% of homes are selling above list price. NAR expects prices will stabilize, dropping 1.8% this year before improving 2.8% in 2024.
- Median existing-home prices will mostly stabilize – with the national median existing-home price decreasing by 1.8% in 2023, to around $380,000.
- Sales in the second half of the year should be notably better than the first half as job gains continue and more favorable mortgage rates are expected.
- Housing inventory is also expected to remain tight in 2023, with housing starts below historical averages. However, housing starts will increase by 6.9% in 2024.
As the market continues to shift, it is important to consult an expert real estate agent who can provide essential guidance to help consumers navigate the homebuying and selling process.
In fact, 91% of homebuyers say they would engage their agent again or recommend them to others.
Agents who are REALTORS® not only help people achieve the dream of homeownership but also help them create long-term wealth and financial stability for their family.
Over the past decade, the median-priced home in the U.S. gained nearly $200,000 in value, making the typical homeowner 40 times wealthier than if they had remained a renter. Additionally, homeowners who benefited from home price appreciation in the last decade saw their debt decrease by 21%.
If you’re looking for a REALTOR® in your area, visit REALTOR.com.
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