Home Prices are NOT Rising.

Despite news headlines, home prices are NOT increasing. Although the national median sold price is up from a year ago, prices have been decreasing since July. Prices have been declining from seasonality (as the market tends to soften in the last half of the year), the lack of housing affordability and elevated mortgage rates. However, compared to a year ago the median sold price in the U.S. rose by 3.2% mainly due to an anemic supply of existing homes for sale and due to prices falling more sharply at this time last year compared to this year.

Also, housing affordability remains at near record lows and average 30 year mortgage rates increased to over 7% again last week. However, mortgage interest rates fell on Friday, 8/4/23 to 7.03% due to July’s jobs report which reflected lower than expected nonfarm payrolls (187k jobs gained vs. 200k expected), which could be a sign that our economy is slowing down.

In regards to housing inventory levels, there’s 41k fewer homes for sale nationwide as of the end of July 2023 compared to the start of the year. In contrast, the inventory of homes for sale grew by 300k during the same time period last year (January through late-July). I share this along with pending home sales, new listings, days on the market and more based on Redfin’s latest housing market update.

Additionally, the national median sold price has increased by 9% year to date (through the four-week period ending 7/30/23) per my analysis of Redfin’s data.

This is based on a brand new report from Redfin (link below). Thank you for watching the video! I appreciate you. Please like, share this video and subscribe!

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Compilation of Housing Market Forecast videos:

Report I discussed:

Housing Market Update: The Typical U.S. Homebuyer’s Monthly Payment Is Up Nearly 20% From a Year Ago As Prices Rise

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.1% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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#Redfin #Zillow #homeprices