“The surprisingly quick recovery [of the housing market] suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year…There still aren’t enough homes for sale to meet demand.” The Wall Street Journal, “The Fall in Home Prices May Already Be Over,” 9/8/23
“Though today’s housing market is decidedly challenging, the fall typically ushers in more favorable buying conditions relative to the rest of the year.” (Per historical trends in inventory and pricing.) Realtor.com Chief Economist, Weekly Housing Trends, 9/18/23
The August 2023 median single-family-home sales price climbed 3.7% from one year ago…31% of sales sold for over the asking price…27% were purchased all-cash…”Home sales have been stable for several months, neither rising nor falling in any meaningful way,” said NAR Chief Economist Lawrence Yun. “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run.” National Association of Realtors®, 9/21/23
The autumn selling season began after Labor Day and generally runs until early-mid November, when the market typically begins its big, mid-winter, holiday slowdown. In many regions of the country, the fall market, though relatively short, is the second busiest after spring.
This report will review national trends in home prices, listing supply and buyer demand, and selected economic and demographic indicators. A national report is a huge generalization of broad trends across an enormous range of regional submarkets, whose values and market dynamics vary. National data on September sales should become available in the third week of October.