According to the calendar, we’re officially already in spring, meaning it should be the busiest time in real estate. 2023 isn’t shaping up to be a typical year, however, so what does that mean for the housing market?
Below, we take a look at some of the things most impactful in the housing and real estate market right now and what agents, buyers, and sellers alike should all know as we emerge from the cold winter and move towards warmer weather.
Home Prices
According to most analysts, the real estate market is in a period of correction, but the National Association of Realtors said the sales of existing homes went up 14.5% in February. That was the first increase in 12 months. It was also the biggest increase since 2020.
The median home price in February was hovering around $363,000, which was a 0.2% drop from February of last year. That was the first year-over-year decline in home prices in over a decade.
As far as mortgages, interest rates are still high, especially compared to a couple of years ago. While they’ve been fluctuating, especially with the Silicon Valley Bank collapse, they’re still around 7% for the 30-year fixed-rate mortgage.
For more information on the Spring Housing Market visit the Scoop Blog
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