We want to keep you up to date on all things real estate with our November 2023 National Real Estate Report. This report helps understand the context around the current real estate trends we are seeing nationally within the real estate market. Do you have more questions about what the market is like near you?
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Soaring interest rates were the dominant factor in October's market, but a large drop occurred in November, which many analysts expect to continue.
Inflation dropped in the latest reading, a very positive development for economic conditions, interest rates, and housing and financial markets.
In a typical seasonal trend, the monthly median house sales price in October 2023 declined slightly from September - but was up 3% year-over-year.
Long-term, annual median house sales prices since 1980, with an estimate for 2023 YTD.
Q3 median house price appreciation since 1990. Over the long term, home-price appreciation has far outpaced inflation.
Q3 median house prices - and year-over-year appreciation rates - across a wide range of major U.S. metro areas. 80% saw y-o-y price increases.
A survey of national home sales by price segment. As seen in the table above, there is a terrific range of home prices across the nation.
A broad, long-term illustration of the staggering decline in the number of homes for sale, a dynamic with enormous effects on the market.
Month's Supply of Inventory, a comparison of demand to supply, has been ticking up, but remains very low by long-term pre-pandemic standards.
The number of price reductions has been climbing. Buyers are well advised to take a new look at unsold homes during the mid-winter market.
A broad, long-term illustration of sales volume - basically at its lowest since 2011. On a seasonal basis, the number of sales usually hits its nadir in mid-winter.
The % of homeowners without mortgages hit an all-time high in 2022. This huge reservoir of household wealth has almost certainly increased all-cash purchases.
As a percentage of total sales, all-cash purchases remain at their highest level in 9 years. These buyers are less concerned about interest rates.
After a steep plunge in October, stock markets have seen an astounding recovery in November.
An unfortunate consequence of increasing interest rates, low supply, and a 2023 rebound in demand has been the lowest housing affordability in decades.