11 Jul July 2023 Real Estate and Mortgage Report
Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates.
Here are some quotes from this month’s report:
- Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several
consecutive months of consistent home sales. - Available inventory strongly impacts home sales, too. . . . existing-home sales activity is down sizably due to
the current supply being roughly half the level of 2019. - There were 7.1% more homes for sale in June compared to the same time in 2022. This means that there were 41,000 more homes available to buy on a typical day this past month compared to one year ago. However, the inventory growth rate for homes actively for sale continued to slow for the fourth month in a row . . .
- In the final week of June, we noted that inventory actually declined on a year-over- year basis for the first time since last April. This substantial slowdown was primarily driven by fewer potential sellers opting to list their home and the market which lapped the period of higher inventory growth that started in May of last year.
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