As a professional real estate agent, you understand the importance of keeping up with the latest trends and updates in the housing market. With the recent release of the June 27, 2023 US CoreLogic S&P Case-Shiller Index and the July 6, 2023 Mortgage Bankers Association MBA Weekly Survey, it’s essential to take a closer look at what these reports have to say about the state of the industry.
According to the June 27, 2023 US CoreLogic S&P Case-Shiller Index, the overall housing market in the United States is experiencing a steady increase in home prices. Compared to the previous year, home prices have increased by 6.8%, indicating a significant demand in the market. This is great news for home sellers, as they can expect to receive higher offers for their properties.
However, the market is currently facing a challenge in Homes For Sale inventory, which is negative year over year. This means that there are fewer homes available for sale, making it challenging for home buyers to find properties that meet their needs. As a real estate agent, it’s critical to be mindful of this trend when working with your clients and negotiating deals.
Additionally, the July 6, 2023 Mortgage Bankers Association MBA Weekly Survey revealed that the number of mortgage applications for home purchases has decreased by 5.3% compared to the previous week. As mortgage-Treasury spreads remained wide, the 30-year fixed rate increased to 7.25-7.75 percent, the highest rate since the end of May,” This can be attributed to the uptick in home prices and the limited inventory of available homes. With fewer homes on the market, buyers may feel less inclined to submit mortgage applications, which can impact your business as a real estate agent.
To mitigate this risk, it’s essential to stay informed on the state of the housing market and provide your clients with in-depth insights on potential buying opportunities. As home prices continue to rise, it might be an excellent time for home sellers to enter the market and capitalize on their properties’ value. On the other hand, buyers can benefit from the low mortgage rates and potentially take advantage of new home construction projects.
In conclusion, the state of the housing market in 2023 is experiencing both positive and negative trends. While home prices continue to increase, the limited inventory of available homes is a challenge in the market. As a professional real estate agent, staying up to date with the latest market trends can give you an edge in helping your clients navigate the market. With the market constantly evolving, it’s essential to remain vigilant and adapt to changes to thrive in the industry. Stay informed and stay ahead of the game.