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 and regular video updates from our economists monthly. Here’s what the housing market looked like over the last week.
For a fourth week, the median home listing price was lower than one year ago, but the dip was smaller this week. Other price trackers observed month-to-month home price gains that some have suggested could signal the end of home price declines. However, our updated 2023 housing forecast expects rough stability in prices that will result in a modest 0.6% decline for the year. Affordability continues to be stretched, and fortunately, builders are continuing to add homes with a somewhat greater focus on affordable price points.
For a second week, the more interesting market stat was the number of homes for sale, which dipped measurably below year-ago level for the first time in 60 weeks after tying the level just last week. Buyers appear to have adapted to the higher mortgage rate environment faster than sellers, which has hampered the inventory recovery. For this reason, our updated 2023 outlook expects inventory to drop this year as opposed to our initial 2023 projection which expected inventory to grow sharply.
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Weekly Housing Trends View — Data Week Ending July 1, 2023 – Realtor.com News
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