13 Jun April 2023 Housing Report
Please take a peek at the April 2023 housing report. You can also find the brief synopsis here, or take in the statistics breakout through this link.
If you are like most, the eyes quickly notice another negative located in front of that Median Sales Price number. While still muted (-1.5% vs. -0.6% from last month), the combination of this figure plus the -30.9% in closed sales can seem rather daunting. At this stage though, the pricing component should not come as a surprise if you have been following along. In fact, I would again prepare you to potentially see that number creep even lower over the next couple of months.
However, as an extension to our prior conversation, this DOES NOT mean that prices are going to fire lower over the next few months. Remember, these statistics are backwards looking and the prices are already less than they were a year ago. This is why we are still seeing the multiple offers referenced in the blog portion in the link above. The multiple offers are not necessarily pushing prices even higher, but instead they are being increased because the starting points are now lower than they were a year ago. The larger, current debate is whether this string of negative numbers will impact a buyers’ psyche to in turn, lower demand.
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