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Rising Home Prices Flatline

Releasing its first of the new year reports, HouseCanary [1] published its January 2023 Market Pulse Report [2] finding that rising prices have flatlined due to low market activity, while median home price averages remained unchanged month-over-month. 

Since the first half of 2022, limited inventory and low activity have been some of the most prominent trends in the market, but by the end of the year, it appeared that the market was leaning in favor of buyers. 

Although market activity is significantly lower than in January 2022, the end of the holiday period has brought an increase in listings placed on the market. Additionally, a market shift is imminent as the most recent statement from the Federal Reserve indicated an increase of 25 basis points, the lowest rate hike since the meeting in March 2022. 

“As we predicted in December, the beginning of 2023 is proving to show slow market activity, as both net new listings and contract volumes are sitting at multi-year lows,” said Jermey Sicklick [3], Co-Founder and CEO of HouseCanary. “For the ninth consecutive month, we have experienced year-over-year net new listing and contract volume declines in the double digits, consequently driving prices downwards yet again. Although the housing market has seen better days, there is hope that a shift will occur with the rate hike slowdown from the Federal Reserve, which bodes well for buyers.” 

Key takeaways from the report as highlighted by HouseCanary include: