Median home sales prices have been climbing rapidly from mid-winter lows, though remaining well below peak prices hit in spring 2022. As buyer demand rebounded in 2023, this has contributed to upward pressure on home prices. New listing and sales volumes have risen from their nadirs in mid-winter, but remain historically low.
Average days on the market – the speed at which sold listings went into a contract – have plunged in 2023. The percentage of home sales closing over the asking price has rapidly increased, and the average home sale is once again selling above its original asking price.
May saw a large jump in luxury sales. As of early June, 30-year, fixed-rate mortgages are running about a quarter percent below 7% (but rates can change quickly).
Should you have any questions about the market, your house’s value, or what the future may look like, we’re just a text or email away.