National Real Estate Insights - August 2023

Posted by Tim Royster on Thursday, August 24, 2023 at 4:13:28 PM By Tim Royster / August 24, 2023 Comment

National Real Estate Insights - August 2023 Compass Report

 
Long-term, national median home sales prices since 1990: The July 2023 
median price was slightly down from June, but up from July 2022. 

 
U.S. median house sales price appreciation over varying periods since 1990.

 
The historic decline in the number of new listings over the past 12 months has depressed sales volume, and, in 2023, helped to push home prices higher. 

 
The total number of homes for sale remains very low, clearly inadequate to demand. It typically ebbs and flows according to seasonal trends.

 
Months-supply-of-inventory compares the supply of listings to the strength of demand: Lower readings signify more competitive, more heated markets.

 
For buyers paying all-cash, interest rates are of less (or no) concern. As a percentage of buyers, they have played a larger role in the 2023 market.

 
The huge decline in new listings coming on market amid higher interest rates 
has caused the number of monthly home sales to drop substantially.

 
Increasing demand vs. an inadequate supply of homes for sale = 
more competition - and more offers - for appealing new listings. 

 
Days on market - the speed at which the homes that sell go into contract - 
are another major indicator of the heat of demand, and remain very low. 

 
Population migration has been a major market dynamic in recent years. 
This U.S. Census map illustrates 2021-2022 % state population changes.

 
 
A new U.S. Census survey on why people moved in 2022.

 
Due to a number of factors, including the pandemic, foreign-buyer purchases of 
U.S. homes have been dropping for years (but trends vary by country of origin).

 
Interest rates since 2022, with an insert illustrating long-term rates since 1976: 
The weekly, average, 30-year fixed rate recently ticked back up over 7%.

 
After soaring to a 4-decade high in June 2022, the inflation rate has
plunged rapidly since (but remains higher than the Fed would like).

 
Long-term trends in the Nasdaq and S&P 500: Both have seen large recoveries 
in 2023, though the first half of August saw declines from July peaks.

 
As of Q2 2023, the national mortgage delinquency rate remains close to an 
all-time low: A positive sign for the economy and the housing market.

 
According to RealTrends, Compass sells more residential real estate, 
in dollar-volume sales, than any other brokerage in the nation.

 
Please let me know if I can, in any way, be of assistance to you, 
or to your family, friends and colleagues.

Tim Royster
 
Realtor®
M: 571.275.0871
O: 703.229.8935
[email protected]

National and regional statistics are generalities, essentially summaries generated by thousands of unique, individual listings and sales occurring across different market segments. They are best seen not as precise measurements, but as broad, comparative indicators with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, and last period data should be considered preliminary estimates which may be revised in future updates. Different analytics programs sometimes define standard statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: What is most meaningful are not specific numeric calculations but the trends they illustrate. Data from sources deemed reliable, but may contain errors, and subject to revision. All numbers to be considered approximate, and how these analyses apply to any particular property is unknown without a specific comparative market analysis.

Office: 703-229-8935

Compass Real Estate is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.