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.

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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.

This article was provided with content from Keeping Current Matters, Inc. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions.