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21
2023 National Housing Report and Outlook
If you look at the national Real Estate Market and averages for 51 of the major metropolitan areas the year-over-year comparison taken without the context of the volatility of the last 12 months looks like a tiny linear shift. In January 2022 the inventory was low and the market was still being fueled by post-pandemic demand and historically low-interest rates. The rising inventory reflected in this Housing Report does not really explain where that came from but the majority was from two sources. New construction contracts that failed to close because of dramatically higher rates pushed buyer ability to qualify to a new low and right out of contracts for properties that were in construction. Another issue was iBuyer inventory that fell grossly short of anticipated appreciation again caused by the inability of Buyers to keep up with and qualify at the new interest rates. I look for this inventory growth to slow down in our area because these properties are clearing our market as builders and iBuyer communities have been making huge concessions. In addition, with a record number of homes that were withdrawn from the market in Q4 2022, there is still a reasonable balance in resale inventory and that normally represents a stable future for prices and reducing volatility in pricing and percentage differential between listed and closed prices.