Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In addition, we continue to give readers more timely weekly updates, an effort that began in response to the rapid changes in the economy and housing as a result of the COVID-19 pandemic. Generally, you can look forward to a Weekly Housing Trends View and the latest weekly housing data on Thursdays with a weekly video update from our economists on Fridays. Here’s what the housing market looked like over the last week.
The housing stalemate continues. The number of homes on the market was still up significantly from one year ago even though fewer homeowners have recently decided to sell compared to one year ago. High home prices and mortgage rates have cut into buyer interest and homes are taking longer to sell than they did at this time last year. Nevertheless, the typical asking price continues to remain higher, a sign of still-high hopes from sellers entering the market. However, these expectations may ultimately be adjusted lower as the smaller pool of buyers in today’s market tries to exercise their increasing negotiating power. January data shows that the share of home sellers making a price reduction was more than twice as large as one year ago.
Buying, selling, and moving is a daunting task even when the housing market is working optimally. The market’s abrupt adjustments over the last year have made it harder for all participants to determine their own boundaries let alone figure out how to meet in the middle so that a transaction can take place. Despite these challenges, there are still buyers and sellers who need to make a move.
For potential buyers, budgeting tools such as the affordability calculator or rent vs. buy calculator can help frame the financial aspects of the decision and empower shoppers to make the decision that’s right for them, whether it’s to buy now or to rent. Homeowners thinking about selling can tap into tools like the RealEstimate, which will help them better understand their home’s potential market value, or explore selling options and potential proceeds by exploring MyHome.
Next week we’ll get the first look at sales data for 2023 which will help confirm or refute the hints of optimism in recent data. In December 2022, we saw a slowing decline in existing home sales and modest upticks from both new home sales and pending home sales. In January, sentiment data also showed a very modest improvement. Sales aren’t going back to pandemic-era levels anytime soon, but there are reasons to suspect that the worst of the declines may be behind us, which is consistent with our 2023 housing forecast.
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Weekly Housing Trends View — Data Week Ending Feb 11, 2023 – Realtor.com News
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