August Market News

Somehow another month has flown by! Let’s check out what happened in July 2023 as we head into August. The median close price in the Metro area is down 1.5% to $590,000. Home prices are leveling out and normalizing. Buyers are not able or willing to offer massive appraisal gaps and don’t have additional cash for closing costs or home repairs. Sellers must be willing and ready to negotiate with some of their equity. 48% of sellers are providing concessions to buyers with an average price tag of $8000. Rates for buyers are hovering just under 7% on average.

There is nearly 2 months of inventory on the market. Every buyer right now has 1.71 homes to choose from. 6 months of inventory is considered a ‘balanced’ market, so we are still far from a ‘buyer’s market’. This is a 15% increase over last month and a 15% decrease compared to last year. Sellers are staying put if they can because nearly 92% of homeowners are locked under a 6% interest rate. People are moving out of necessity right now.

Buyers have a little more choice now, so they are taking advantage. Homes are staying in the MLS for an average of 9 days. Sellers should expect their homes to be on the market for a few weeks before receiving an offer.

We are heading into a period with historically more inventory, but less of a buyer pool. I will continue to monitor the market and never hesitate to reach out with any questions!