Right now, a lot of changes are taking place in our market on a local, national, and even global level.
According to the National Association of Realtors, home sales in the United States are currently down for the third straight month, while sales for single-family homes have dropped 5.3% year over year. On top of that, the national median home price is down 4.2%.
Meanwhile, inventory, which rose 5.7%, has reached its highest level in recent times. In California, the impact of such developments is especially obvious. There, new and existing home sales are down 11.8% year over year.
So between the national trend of higher interest rates and lower affordability, and the international news that China is pulling out of commercial real estate, it’s clear why so many are approaching our market with a sense of uncertainty.
If you’d like to learn more about the information I’ve shared today, please check out these great articles:
- Southern California Home Sales Crash
- The U.S. Housing Market is Headed for a Slowdown
- Sales of New Homes Sink to an 8-Month Low
- Chinese Reversing Big U.S. Real Estate Buying Spree
And, as always, if you have any other questions, would like more information, or are curious about the impact these factors may have on your area, feel free to give us a call or send us an email. We look forward to hearing from you soon.