August 2023 Was the Fifth Straight Month of Increasing Inventory Across the U.S., According to the Latest Re/Max National Housing Report.
Locally in Fountain Hills, we have started to see a slight increase in new listings coming to market yet we still fall short of a balanced market. We are gearing up for a busy season here locally.
Getting started on your homebuying journey? Housing market trends suggest your timing could be good.
Slightly more homes hit the market in August from the month prior, which could mean less competition (so long, heated bidding wars
) and a greater number of options to choose from. This notion is based on data from the August 2023 RE/MAX National Housing Report
– a monthly survey of 50 U.S. metro areas – that gauges the country’s current trends in residential real estate.
According to the report, new listings increased by 1.8%, driving the overall number of homes for sale 2.7% higher than in July. August marked the fifth straight month of inventory buildup across the country, slowly inching in the direction of 2022’s heightened levels.
“Buyers should be pleased to see the slow but ongoing ramp-up in available listings, regardless of comparisons to a year ago,” says Nick Bailey, RE/MAX President and CEO. “More listings mean more options, and that’s a plus for buyers who haven’t been able to find the right home yet – and for potential buyers who’ve been reluctant to start looking.”
He continues, “With new listings emerging, sales ticking up and prices stabilizing, there were several things to like in the August results.”
Bailey isn’t the only one who sees an opportunity for homebuyers in today’s market. On the latest episode of his show Keepin’ It Real
, Bailey and two expert guests discussed how buyers can become fixated on the current interest rate environment rather than on their own needs and long-term financial goals.
“Does [a home] fit into your budget? Is it what you want as a part of your long-term building of your net worth?” asked one of the show’s guest panelists Neale Godfrey, a financial guru and New York Times best-selling author.
She continued, “[Owning a home] is the way to build net worth. It is something that I love when people aspire to. [Paying] rent is tough – you’re kind of throwing it away each month. [By buying a home], you’re building equity and you’re building your life.”
What About Home Sellers?
Overall, the market still favors sellers in many respects.
Though homes in August spent a few days longer on the market than July 2023, sales are still happening relatively quickly. During the month, home sales were up 7.4% from July, showing busy market activity heading toward the fall.
Plus, the median sales price across the surveyed metro areas – $425,000 – was on par with July and up 3.7% from August 2022.
Whether you’re a buyer or a seller, working with a trusted real estate professional is the best way to have expert guidance and representation in your transaction. Reach out to the Sonoran Lifestyle Team