MARKET UPDATE - August 2023
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings were up 17.1 percent to 616. Pending Sales decreased 8.6 percent to 478. Inventory grew 14.3 percent to 1,125 units.
Prices moved higher as Median Sales Price was up…
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