Home Sales Are Slow But Will Pick Up Again Soon

Dated: January 25 2023

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Sales of previously owned homes slipped 1.5 percent in December, according to newly released numbers from the National Association of Realtors. The decline is the 11th consecutive monthly decrease and puts sales 34 percent lower than where they were at the same time one year earlier.

 

While home sales have suffered from rising mortgage rates and high home prices, Lawrence Yun, NAR's chief economist, expects things to pick up soon. "December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates," Yun said. "However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year." In addition to lower rates, home price increases have also slowed, with the median existing-home price up just 2.3 percent year-over-year. That means improved affordability conditions for buyers as the spring home-buying season approaches, which could mean brighter days – and more sales – ahead.

 

The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether you are looking for the latest sales, trends, or homes for sale in Collier County and Lee County in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding new listings, price changes, short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453.v

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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