‘Home sales are bottoming out’: Are homebuyers now calling the shots in 2023 housing market?

“Inventory remains low, but buyers are beginning to have better negotiating power,” Yun added. “Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.”

“Current homeowners are still not finding a reason to list their home for sale, particularly when the rate on their mortgage is below 3%,” she says, adding that while there is much more inventory on the market than a year ago, the supply of homes is still half of what it was before the pandemic.The median existing-home price for all housing types in January was $359,000, an increase of 1.3% from January 2022 . Home prices climbed in three out of four U.S. regions while falling in the West.

“The state of decline in sales activity is driven by the large increase in mortgage rates,” says Yun.Properties typically remained on the market for 33 days in January, up from 26 days in December and 19 days in January 2022. Fifty-four percent of homes sold in January were on the market for less than a month.

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in January, unchanged from December but down from 22% in January 2022.The median existing single-family home price was $363,100 in January, up 0.7% from January 2022, whereas the median existing condo price increased by about 5% to $320,000 in the same time period.

Biden is destroying everything.

February 22, 2023 - Russia suspends the New START nuclear treaty, which is the only nuclear treaty in effect between the US and Russia, saying that the U.S. is 'weakening' the security of the Russian Federation.

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Existing-home sales down nearly 37% from a year agoWhen the Fed raises interest rates, it also causes mortgage rates to rise, making housing more expensive and buying less attractive. “Home sales are bottoming out,” said nardotrealtor Chief Economist Lawrence Yun. nardotrealtor Rates go up and down. Who does not understand this is what happens when the fed raises rates? nardotrealtor In conclusion, Democrats DESTROY! They are taking the money average American need to survive, making the people they promised to support financial, POORER! DEMOCRATS CAN'T CHANGE THE BASIC PRINCIPLE OF SUPPLY VS. DEMAND with their communist like financial equality propaganda.
Source: dcexaminer - 🏆 6. / 94 Read more »

Housing slump continues as sales fell for 12th straight monthJanuary’s sales cratered by nearly 37% from a year earlier and slipped 0.7% from December.
Source: nypost - 🏆 91. / 67 Read more »

Existing home sales unexpectedly fall in January for 12th straight monthSales of previously owned homes fell 0.7% in January from the prior month due to higher mortgage rates, according to the National Association of Realtors. If it happened 11 months in a row, why was the 12th month unexpected? Florida? I think not. Why is this unexpected? It’s exactly what the Fed want and have gotten by rising rates and continuing to destroy the economy.
Source: FoxBusiness - 🏆 458. / 53 Read more »