The Housing Market Forecast You Should Know for the Rest of 2023
October 31, 2023
Buying a home inevitably involves a certain amount of faith, hope, and basic long-term planning. If you’re aiming to purchase ahome this year or early next year, then it’s important to note a few key stats to help guide you with the process.
Within the current housing market, there’s some evidence that home sales are slowing down a bit. Due to rising interest rates (the average in August was 7.32 percent — nearly triple from two years ago), houses are spending a little more time on the market compared to a year ago: 20 days, according to the National Association of Realtors (NAR) versus 14 in July of 2022.
At the same time, the median sale price for existing homes was $406,700 in July and $436,700 for new construction. Additionally, the inventory remains quite low, though slightly higher than it was a year ago.
Simultaneously fewer existing homes sold nationwide as the number dipped more than 16 percent compared to last year. At the same time, sales of brand-new single-family homes rose around 4 percent, compared to June of this year.
All of this begs the million-dollar question, Will there be another housing market crash? While it’s impossible to entirely predict, most experts suggest that it’s unlikely, as home prices are still strong. According to Lawrence Yun, the Chief Economist at the NAR, “a crash happens with oversupply. It will not happen because there isn’t enough inventory.” Additionally, lenders aren’t making the same loans they did 15 or 20 years ago, which helps to keep the foreclosure rates lowl.
If you’re considering buying a home sometime in the next several months, it’s always a good idea to try and reduce your overall debt and improve your credit score, especially while you wait for interest, real estate market, and inventory conditions to improve — or you’re merely searching for that elusive dream home.
At Beltmann, we’re always available to help with an upcoming move or storage needs. Whether you’re in the market to move locally, across town, or across the country with a full interstate relocation, simply contact us today for a free contactless quote, and we’d be happy to help walk you through the process.
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