FINANCE, HOMEBUYERS, MORTGAGE INTEREST RATESHow to Navigate High Mortgage Interest RatesMortgage interest rates are hovering at the highest levels in over 23 years, causing mortgage demand to
August 2023 Market Snapshot for the Triad
Dated: September 15 2023
Embark on an exciting journey through the current state of the Piedmont Triad real estate market with our comprehensive monthly market trends update.
Arm yourself with the power of knowledge as we unveil crucial data, such as the average sales price, number of homes sold, and days on market. It's your secret weapon for a strategic advantage when it's time to sell your home.
Explore our August market snapshot to gain a comprehensive overview of the local real estate trends that truly matter. It's time to dive in and uncover the secrets of the Triad's market!
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings decreased 9.8 percent for Single Properties and 3.7 percent for Townhouse/Condo. Pending Sales decreased 31.4 percent for Single Properties and 23.3 percent for Townhouse/Condo. Inventory decreased 4.6 percent for Single Properties but increased 32.0 percent for Townhouse/Condo.
The Median Sales Price increased 2.5 percent to $292,000 for Single Properties and 17.0 percent to $250,000 for Townhouse/Condo. Days on Market increased 68.8 percent for Single Properties and 42.9 percent for Townhouse/Condo. Months Supply of Inventory increased 20.0 percent for Single Properties and 63.6 percent for Townhouse/Condo.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.
📈 Overall, the market in the Triad is thriving with high demand, quick sales, and competitive prices. As your trusted REALTOR®, I am here to guide you through this exciting market and help you achieve your real estate goals. Don't hesitate to reach out!
All data from Triad MLS. Report © 2023 ShowingTime.
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