ru - Residential Update

January 2023

Forecast Shows Slowing Home Sales, Lower Prices: Redfin

The housing market is expected to remain sluggish next year, likely dropping to its slowest sales pace since 2011, Redfin reported Dec. 6 in its 2023 Housing Outlook. The outlook forecasts a 16% decline in existing home sales, a 4% drop in the median home price and mortgage rates that gradually decline to around 5.8%. 

January 2023

Housing Costs Up, Competition Down in 2023: Realtor.com

Home prices are expected to moderate next year, increasing only about 5% while mortgage rates could reach 7.4%, two actions that may result in fewer buyers for a growing inventory of for-sale properties, Realtor.com reported Nov. 30 in its 2023 Housing Forecast. Additionally, rents are likely to go up 6.3%, outpacing home prices.

January 2023

FHFA Publishes Third-quarter Uniform Appraisal Dataset Aggregate Statistics

The Federal Housing Finance Agency on Dec. 15 published its third-quarter data for the Uniform Appraisal Data Aggregate Statistics Data File. The agency also announced that these statistics will be released quarterly going forward, and launched a new “Top 100 Metro Areas Dashboard.”

January 2023

Illinois Among States with Greatest Concentration of Risky Housing Markets, Data Shows

Housing markets in Illinois, New Jersey, Delaware and California’s Inland Empire are most susceptible to economic declines based on their patterns of housing affordability and rates of underwater mortgages, foreclosures and unemployment, analytics firm ATTOM reported Dec. 1. The biggest concerns are homes in the Chicago, New York City and Philadelphia metros.

January 2023

Home Prices Should be Steady in 2023, NAR Predicts

The forecast for residential real estate in 2023 calls for median home prices to tick up 0.3% and sales to total 4.78 million, which is about 6.8% fewer properties than were sold this year, the National Association of Realtors reported Dec. 13. The Atlanta metro area is expected to remain the nation’s top housing market.

January 2023

Residential Price Growth Slowest in Pandemic Boomtowns, According to Redfin Report

Homes in cities that boomed during the pandemic, such as Phoenix; Austin, Texas; and Boise, Idaho, are seeing the slowest price growth, Redfin reported Nov. 28. The price-per-square-foot in Phoenix was up 6% from last year, but down about 29% from February, while prices in Boise are stagnant and down from 20.1% in February.

January 2023

Pending Home Sales Fall for 5th Consecutive Month: National Association of Realtors

Pending home sales fell 4.6% between September and October, dropping for the fifth consecutive month, the National Association of Realtors reported Nov. 30. Sales activity fell in three of the nation’s four major regions, rising only in the Midwest.

January 2023

Hartford, Connecticut, Top Market in 2023: Realtor.com

The Hartford-West Hartford, Connecticut, housing market is poised to see the greatest home price appreciation next year due to the area’s relative affordability and high level of homeowner equity, Realtor.com reported Dec. 7. El Paso, Texas, and Louisville, Kentucky, rounded out the top three on the list of hot housing markets.

January 2023

New Home Construction on the Decline as Conditions Worsen, NAHB Reports

The post-pandemic boom in single-family home construction has slowed during the past year as high mortgage rates, inflation and increased construction costs put a damper on home building, the National Association of Home Builders reported Dec. 6. A decline has been reported in nearly all regions in both large and small metros.

January 2023

Annual Foreclosure Completions up 57% Led by Illinois, ATTOM Report Reveals

Completed foreclosures in November dropped 5% from October but were up 57% from the same point a year ago, ATTOM reported Dec. 8 in its latest U.S. Foreclosure Market report. States with the highest foreclosure rates are Illinois, Delaware and New Jersey.