May 2023 Housing Report

13 Jun May 2023 Housing Report

Please take a peek at the May 2023 housing report. You can also find the association’s blog post here, or overwhelm your senses with numbers, numbers, and more numbers.

Another month in the books and another year over year decline in the Median Sales Price (-0.7%). The move is admittedly, somewhat irrelevant even though I do not believe it accurately represents the whole picture, but that’s a much larger topic and one I cannot explore in this small blurb. However, one of the key stats on hand is the 25.7% drop in closed sales. Think about that for a minute. That is a HUGE number and that decrease is already on top of another drop that occurred from 2021 to 2022. What’s the culprit you ask? Look no further than page 11 within the “numbers” link from above or for ease you can click here. Affordability simply continues the destructive path lower. In other words, it is really hard to have an increase in sales when interest rates and pricing are creating an unaffordable environment. Of course some can argue that buyers are “accepting the new normal” as it relates to rates, but with pretty strong statistical evidence showing otherwise, there is obviously a fairly healthy amount who are not.