Local Market Update – June 2023
Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings in the Triangle region decreased 25.7 percent to 4,014. Under Contract Sales were down 3.4 percent to 3,511. Inventory levels fell 1.9 percent to 5,088 units.
Prices were a tad soft. The Median Sales Price decreased 2.8 percent to $410,000. Days on Market was up 111.1 percent to 19 days. Buyers felt empowered as Months Supply of Inventory was up 21.4 percent to 1.7 months.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County & Chapel Hill
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
