Tag Archives: Inventory

Sales in every month of 2022 fell short of the previous year, according to a new RE/MAX report, which shows home sales were down an overall 38% from 2021, while the number of homes for sale was up nearly 70%.

With home sales having dropped sharply this past year, Fannie Mae experts discuss the impact of lowering mortgage rates and what factors drove purchase demand to increase. Here’s why the housing market is now "in a different phase of the economic and housing cycle.”

In a new study from LendingTree, experts predict the average interest rates on 30-year fixed mortgages to be between 5.5% and 6.5% by the end of 2023.

Pending home sales recorded the second-lowest monthly reading in 20 years as pending transactions dropped by nearly 40% year-over-year, while contract signings also slipped from October.

As home prices and mortgage rates fall from their peak, the typical homebuyers’ monthly housing payment declined nearly $300 from October, according to a new report from Redfin.

A combination of declining home values and lower mortgage rates brought down average mortgage payments by $100.

The market, which hit new highs over the last year, tanked affordability in many areas. However, those sidelined by prices still view homeownership as a top priority.

"Based on our findings, the shift to a more balanced market is still in its early stages. We expect that this much-needed reset will persist through much of 2023, and although prices will again begin to rebound they likely won't return to their peaks for the foreseeable future," said Sean Black, Knock Co-Founder and CEO.

The latest market report from Fannie Mae revealed a possible economic slowdown in coming months, which would reduce housing demand even further. Meanwhile experts predict prices and rents may stabilize or even fall in some markets within the new year.

Median sales price now sits below the highs recorded during June, while inventory hit a recent record high. Click through to find out what else RE/MAX’s National Housing Report found.