Yes! To get the top dollar value for your money, its beneficial to focus on the local housing market in California. Bankrates editorial team writes on behalf of YOU the reader. NAR Chief Economist predicts that Mortgage rates will continue to rise in 2023, but within two years rate should return to 5.5% or 6%. He also anticipates that home prices will elevate over the next 5 years from 15% to 25%. In terms of months of supply of homes, San Francisco is in better shape than other major California housing markets. The California real estate housing market is highly localized as market trends vary from region to region. Bankrate follows a strict Sacramento-area prices are similarly dropping for the first time in more than a year. Until housing inventory remains low. Major changes in a countrys demographics can have a long-term impact on current housing market trends. All across the nation, 2022 was a turbulent year for the housing market. With mortgage rates at peak, buyers are already resisting entering the market. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. On the other hand, if youre looking to buy a home in California, you have a variety of factors to consider. Meanwhile, the assessed value is what the government determines your property is worth for taxation purposes. A typical homebuyer financed 94% of the home price. Whereas home sales were down year-on-year in Los Angeles, San Diego, and San Jose, in San Francisco home sales increased by 0.2%, from 408 sales in February 2021 to 409 sales in February 2022. Existing home sales: 313,540 - a 24% drop from 2021. Using housing data from Redfin, we analyzed several of Californias largest cities and the state of their housing markets in recent years. However, the author does not make any representation or warranty, express or implied, as to the informations accuracy or completeness, nor does the author recommend that the attached information serve as the basis of any investment decision and it has been provided to you solely for informational purposes only and does not constitute an offer or solicitation of an offer, or any advice or recommendation. 89% of Buyers said they would go with their real estate agent again or recommend them to others. Thus, home prices rise. Current Housing Market Trend 2022: In September 2022, median home prices in California were up by 0.5% compared to the last year. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. The sole purpose of the appraised value is to protect the lender from exceeding the loan. As a result, supply increases, and prices drop. In a slow market, inventory is usually high, and home prices keep decreasing due to lower demand. California housing predictions are at the top of peoples minds right now. process and giving people confidence in which actions to take next. If you have any questions, feel free to contact us now. The second-largest growth in home prices occurred in San Mateo, where the median sale price rose by 44.3%, from $1,128,000 in February 2021 to $1,627,500 in February 2022. For would-be buyers putting down 20%, the monthly mortgage payment on a $800,000 house would be about $100 more expensive with an interest rate of 6.32% than with 6.09%. If we look at both month over month and year over year, the trend is down. Annual Releases Annual Historical Data Summary C.A.R. Home prices have been steadily rising for the last two years. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors, Purely Passive Investor Hit With Liability And Denial Of Discharge By U.S. Supreme Court In Bartenwerfer. All Rights Reserved. Southern California Housing Market Forecast 2022 & 2023. Home staging means preparing your home for sale with or without the help of a professional home stager. A housing market bubble is caused due to unsustainable home prices. A typical mortgage borrower has excellent credit, substantial equity, and a fixed-rate mortgage with a rate well below 5%. Whether you choose to buy now or wait and hope conditions improve, there are two things you should do: One is to make sure you know how much house you can afford. But the payment at 6.32% is $322 less than at 7.08%, which is where rates topped out in the fall, according to Freddie Mac. You can challenge the assessment if you believe there is some foul play or if the report contains misleading data. Eureka is a seaside community in northern California. real estate in California, California real estate for sale, CA housing market slow down, housing market cooling, house prices in California, California housing prices, cheapest homes in California, CA housing market, house market California, California market, cheapest real estate in California, California house prices, California hot pocket, redfin market data, home prices California, California real estate investment, condo prices in California, California housing, CA real estate market, real estate market in CA, California real estate market statistics, housing market forecast California, housing market California, California house market, California real estate news, real estate market in California, CA housing market forecast 2022, Common Housing Market Terms, Housing Market Trends, Real Estate Housing Market Crash, List Now Realty Reviews. San Diegos months of supply of homes is also dwindling, falling from 1.9 months in February 2020 to 1.1 months in February 2021, and then even further, to 0.7 months in February 2022. In July, home prices and sales declined in each of Southern Californias six counties. Thus, if there is a high demand from buyers in your area, you can benefit from the slow market by selling your home. If youve got a new job or decided to retire, relocate to a new state. NEED MORE CLARITY? A slow real estate market may force the buyer to refinance their new home. Lets take a closer look at the California housing market. Get a clear insight here. With less disposable income, more layoffs, and few income opportunities, homebuyers resist buying a home in California. For a borrower, multiple types of mortgages are available such as adjustable rate mortgages (ARM), conventional loans, fixed-rate mortgages, and government-sponsored. This area is bound to blow up with the state's high demand and housing shortages. However, you shouldnt buy a home just because its the cheapest. In October 2021, homes spent an average of 11 days on the market before selling. The California median home price is forecast to drop 8.8% to $758,600 in 2023, following a projected 5.7% increase to $831,460 in 2022 from $786,700 last year. Realtors provide access to the MLS, but you can skip this and list on MLS via the Flat Fee MLS listing service. Fresno is another metro area located in Californias central valley. Homes are also taking longer to sell, CAR reports. As a result, the monthly mortgage payment will remain high, and homes may look less affordable. By years end, it predicts, L.A. County home prices will have dropped percentage-wise by the high-single digits compared with December 2022 a moment when the companys home price index had already recorded a 5% drop from the peak. Lets look at why most experts believe that the housing market is not going to crash. If not, then we will push it back, Robinson said. Interest How to Buy a House: Own the Home Meant for You! If you are going to price your home high, there are chances that you may detract potential buyers. The past 12 months have been a rollercoaster ride for the California Real Estate market. They are worried, Lazerson said of buyers. Sales decreased 23.8% from the prior year and 1.5% from August. The median sale price for a home in California dropped more than 4% in 2022, according to new data from Redfin. In August 2022, lenders repossessed 3,938 properties in the United States through completed foreclosures, also known as real estate owned, or REO. From a median sale price of $1,067,000 in February 2021, San Diegos median sale price rose by 28.9%, reaching $1,375,000 in February 2022. The median price of a Southern California home or the price at the midpoint of all sales fell to $670,000 in January, CoreLogic reported. Regional breakdown of the housing market The Northeast PHSI rose 6% from last month, a decline of 20% from January 2022. The median house price for Orange County Housing Market. By Noah Buhayar and Christopher Cannon. Rising Interest Rates: As the mortgage rates increases, theres a sharp increase in the cost of variable mortgage payment. editorial policy, so you can trust that our content is honest and accurate. If youre looking to buy or sell a home in California, the most important thing for you to do is find a real estate agent who knows your local market and can guide you on your journey. Median days on the market: 43. Home prices statewide and in Southern California are projected to decrease by approximately 7% in 2023 compared to 2022. We know that the average person does not get a raise of 25% yearly, so we can see why affordability shrunk as it did. This state has a highly diverse population and an equally diverse real estate market. To avoid entering into a real estate transaction too early, it is best to wait and time the market. But In the long run, the sellers market will continue. Home affordability will shrink even further when the next report comes out. Also, the supply-demand curve indicates that prices wont crash shortly. I cover real estate, economics and cost of living. The housing market refers to properties bought and sold directly to buyers or through real estate brokers. Not everyone can, or wants to, jump in the market now. Check out the California MLS listing for the best results. TJ writes about a range of subjects, from. The median sale price for a home in California dropped more than 4% in 2022, according to new data from Redfin. But this compensation does not influence the information we publish, or the reviews that you see on this site. The median home price in the area is $845,000, with nearly half of homes selling above the asking price. In recent years, the state has seen a surge in demand for housing, leading Back in 2007, there were multiple cases of liar loans did exist. These rates have priced many buyers out of the market as theyre at record highs in more than 20 years. Mortgage rates are touching a record high of 7.08% and may rise even further as the Federal Reserve works to control inflation. Meanwhile, the housing market continues to experience its share of ups and downs. A seller may conceal the need for major repairs. Tressa Pope, founder of TPG Mortgage Lending in Burbank, said people using down payment assistance programs have also had luck. Current Housing Market Trend 2022: According to the Redfin data, the total number of homes sold this year was at an all-time low of 37.5% compared to the last year. Jeff Lazerson, president of Mortgage Grader in Laguna Niguel, said he thinks buyer skittishness is why many deals fall apart in escrow. Recent sellers typically received 100% of the listing price, and 38% reported lowering the asking price at least once. Homes are getting bought up fast in San Jose, with the average number of days on market falling by 42.9%, from 14 days in February 2021 to 8 days in February 2022. The baseline scenario of C.A.R.s 2021 California Housing Market Forecast sees a modest increase in existing single-family home sales of 3.3 percent next year to reach 392,510 units, up from the projected 2020 sales figure of 380,060. If mortgage rates continue to rise, that will lead to higher monthly payments. Among other things, this report showed that demand among home buyers has declined during 2022. In San Francisco, the average number of days fell by 61.4%, from 44 days in February 2021 to 17 days in February 2022, though this equals the 17 days on market reported in February 2020. This does not take into account the most recent mortgage rate increases, so appreciation is bound to weaken further for the rest of 2022 and into 2023. Stephen Jackson, 31, took advantage of a slow housing market to purchase a two-bedroom, one-bath condo in downtown Los Angeles. - 15 days (MDOM)Visalia is located in the central valley of the state. The Home prices rose 20 percent in 2020, according to Zillow, and in Boise, Go Back to California graffiti has been sprayed along the highways. Months supply of inventory: 2.9% - up 52.6% from 2021. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Buying a home is the biggest investment opportunity for most people in their lifetime. Masonite is closing a manufacturing site in Stockton, California and laying off 59 employees, according to a WARN notice filed this week. The first and foremost step is to find a medium to sell your house for top dollar. This years median price in Eureka is 13% over last year. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Current Housing Market Trend 2022: The national average 30-year fixed rate mortgage rate is at 6.9% and up 3.8 points year over year. To get the highest and best offer on your property, it is necessary to invest in repairs and renovations. San Diego homes are getting bought up quickly this year, with the number of days on the market falling by 46.7%, from 15 days in February 2021 to 8 days in February 2022. One mortgage broker said he noticed a huge drop-off in demand as rates rose last week, while other brokers and real estate agents said theyve seen buyers plow ahead undeterred. Houzeo.com helps you sell your home fast in a slow market by listing your house on MLS. so you can trust that were putting your interests first. A majority of people dont know whens the best time to buy a house. A housing market bubble refers to a steep incline in prices with increasing demand and limited supply. Whenever a homeowner fails to make mortgage payments, the government takes over the property and calls it a foreclosure. As it becomes easier for buyers to get a loan, the demand to finance a home consistently increases. From 2019 to 2020, home prices were up by about 4.5%. The median home price in the Fresno area is $394,000, up 6.4% over last year. You must make the deal look more attractive to sell your house in a slow market. Even as other California cities saw rents plummet during the pandemic, Fresno stood out. Reports are updated with last month's data by the third week of the current month. subject matter experts, Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. As the mortgage rate decreases, it gets more convenient for the homebuyer to afford a home. We are going to look at two market factors that indicate where the market is hot; the Percentage of homes sold over the listing price and median days on the market. For the eighth month, existing-home sales declined to an adjusted annual rate of 4.71 million. This eventually decreases the demand for housing, resulting in a drop in home prices. The California real estate housing market starts to slow when the properties supply exceeds the present demand. Whether the modest rebound will hold is unclear. The bubble pops up when the equation is reversed. However, the trend can guide you better. 73% of Sellers said they would use the same agent again. The overall United States housing market has declined in capitalization by $2.3 trillion dollars approximately, allegedly the largest decline since the real estate crisis of 2008. It is considered a hot and competitive market where homes sell on average 2% above the list price. On the other hand, higher mortgage rates could squash what was a modest rebound. As of mid-October 2022, the 30-year fixed rate mortgage is above 7% on average. Fair market rent value of two-bedroom apartment in California from 2021 to 2022, by metro (in U.S. dollars) The market value of a home is the value a buyer is willing to pay. 2022 Housing market forecast revised to 380,630 units sold and a statewide median price of $863,390. Fresno is now the fifth-largest city in California, with a population of 526,147 in 2020, according to the Census Bureaus 2020 American Community Survey. We have been blessed with the last couple of years where interest rates have floated for the most part in the 2% range. Current Housing Market Trend 2022: 21,869 U.S. properties started the foreclosure process in September 2022, down 9 percent from the previous month but up 113 percent from a year ago. highly qualified professionals and edited by Keeping this in mind, Interest rates are still low, which might lure prospective buyers into entering the market. Since low-interest rates contributed to California's housing market craze in the past two years, we're expecting the rates to climb in 2022. The California median home price is forecast to drop 8.8% to $758,600 in 2023, following a projected 5.7% increase to $831,460 in 2022 from $786,700 last year. Looking for a FSBO home? Homeowners are unlikely to trade in their 3% mortgage for a new home with a 7% loan unless necessary. A Red Ventures company. Use Bankrates new-house calculator to crunch the numbers, and consider the cost of living in California, your income and your expected housing payment. Before coming to The Times he wrote about commercial real estate for the San Fernando Valley Business Journal. The California Association of REALTORs most recent housing prediction report points to a decline of 8.8% in housing prices for 2023. An increase in interest rates makes homeownership unaffordable for more potential buyers. As per August 2022 data, only a 3.2-month supply is available in the inventory. At Bankrate we strive to help you make smarter financial decisions. New apartments are renting for prices similar to those in large coastal cities, and the average home now sells for $331,000. A real estate housing market or real estate market refers to a network of buyers and sellers looking to buy and sell real estate. Staging your home largely involves cleaning, rearranging, or renting furniture and other aesthetic tactics to make your home visually appealing. Currently, the median price for a home in the state is $763,000, which is 2% over the same month of 2021, when the median price was at $748,000. Know exactly whens the best month to buy a house. Home prices may continue to fall but will not be enough to offset the higher interest rate. Knowing which way the real estate winds are blowing is difficult, but recent trends have shown a slight slowdown, with prices falling and homes taking longer to sell. Housing Price growth in California has been on a decline for several months. The Midwest index grew 8%, a drop of Is this a right time to sell? How Much Does Home Staging Cost: Home staging cost depends on the location, find your local home staging cost, today! Thats in line with the national housing picture, as many experts expect slight dips in housing prices over the next year. Housing prices decelerated at the end of 2022 as high mortgage rates hurt affordability, a sign of a major turnaround in the market that would have significant consequences for the economy overall. Inventory is still low, standing at 3.2 months supply. Median Home Price Sets New Record in California. If you are a homeowner who lives in an area where home prices have started to rise, you must be considering selling your house. Investors like flippers and wholesalers also show up and snag properties. The number of mortgage applications received compared to the previous year. Check out the following video to understand how Houzeo works and why it is one of the bestFor-Sale-By-Owner Websitesin the U.S. An overview of what the platform is all about. WebC.A.R. However, the Los Angeles housing market is in better shape than other cities in California. ), single-family home sales are forecast to total 416,800 units in 2023. A housing market bubble starts to form when mortgages are available at low-interest rates, substantial job growth, and lenders easily avail the loan. A new report from the states Realtor association shed some light on the latest housing market trends for California, as of summer 2022. Two prominent reasons cause housing prices to fall. Mortgage rates have also shrunk affordability to just 19% in California, further compounding the problem. Instructions According to ATTOM, Illinois had the highest foreclosure rate in August, with one foreclosure filing for every 1,926 housing units. Both values differ due to different points of view. As a result, homes stay on the market for longer and sellers have to reduce the prices. Twilight evening view of traffic streaming by the downtown skyline of Irvine, California. Current Housing Market Trend 2022: The median days on the market was 37 days, up by 13 days Y-O-Y. One of the biggest findings in the analysis of Californias major housing markets is the rise in home prices in Irvine. The median days on the market is 28, which is roughly twice as long as last year. All my friends were shocked I bought a home right now, and I was like, Why wouldnt you? Jackson said. Therefore, you can often apply for a review on this value to reduce your taxes. Making a strong first impression extends to your homes exterior. Bankrate.com is an independent, advertising-supported publisher and comparison service. However, sellers can benefit from selling a house if the following factors favor them. The median days a home would be listed was eight days, 58% decrease year-to-year. Put simply: Californias cost of living is high. San Joses housing inventory also fell at a rate greater than both Los Angeles and San Diego, declining by 55.1%, from 733 available homes in February 2021 to 329 homes in February 2022. You can sell your house to cash buyers, iBuyer, or anyone else. Research comparable house sales in the area and undercut them. Los Angeles County Housing Market Insights Typical Home Value: $845,596 as on December 31, 2022. Millennials and Hispanics are in their prime buying years. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. 30-year fixed mortgage rate ranges from 6% to 7.1%. Sell FSBO, Sell your home now! What are index funds and how do they work? 's First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. According to the California Association of Realtors (C.A.R. Multiple offers and bidding wars define them. California is also impacted by mortgage rates, perhaps even more than some states where home prices are lower. The states median home price sat at $707,500 in December, and 21 percent of homes saw a price drop over the course of 2022. If that comes to pass, home prices could fall. Andrew Khouri covers the housing market for the Los Angeles Times. On Sept. 16, two days after winning the recall election, Gov. Also, get secure & powerful listing using Houzeo Mobile App. A variety of factors primarily causes a housing market bubble. Second, get preapproved for a mortgage. The number of sales has been declining month over month for the past five months at a fast pace. As mortgage lenders in California make it harder to get a loan, home affordability suffers and reduces the demand. Get Preapproved for a Mortgage Online: Find out how you can get your mortgage approved digitally. As the Fed attempts to control inflation by increasing mortgage rates. 26% of home buyers were first-time home buyers with a median age of 26. He holds a masters degree in journalism from the University of Southern Californias Annenberg School for Communication and Journalism and graduated from the University of San Diego with a degree in history. But with nearby houses typically listed above $1.5 million, the dream is out of reach. As a result, sellers have to lower the prices of their homes. During that same period, housing inventory in the Los Angeles housing market declined by 41.3%, from 6,119 available homes in February 2021 to 3,590 homes in February 2022. Hence, there was an ongoing shortage of available homes for sale by 3.2 months supply in September 2022. Economic Downturn: An economic downturn leads to less disposable income, fewer job openings, and higher unemployment. All economic indicators at the moment point in the downward direction for the California housing market. In Irvine, available inventory dropped by 59%, from 500 available homes in February 2021 to 205 homes in February 2022. this post may contain references to products from our partners. The Median sale price of homes in the area is $315,000, which is 5% over last years median housing price. Home listings will no longer go out of inventory at a faster pace. While others believe that due to the higher interest rates, sellers will lower their prices to current levels. Know how to sell as is. NAR expects that the economy will continue to add jobs throughout 2023 and 2024, with the 30-year fixed mortgage rate steadily dropping to an average of 6.1% in 2023 and 5.4% in 2024. He finally called off his search in 2021 when someone outbid him for a Tarzana condo by $25,000 and paid in cash. South Carolina Housing Market 2023 Report, North Carolina Housing Market 2023 Report. Youll hear competing information from all sides, with some seeing all doom and gloom while others saying the market is still strong. When comparing the data to 1971, the present mortgage rate is moving towards a long-term average of 8% 30-year mortgage rates. That's a 30% jump from the previous year. Theres a strong demand for homes across various demographics. Area located in Californias central valley of the home Meant for you not include information about financial... Irvine, California traffic streaming by the third week of the market was 37 days, 6.4! Updated with last month, a drop of is this a right time california housing market buy house... Housing predictions are at the top of peoples minds right now of homes, Francisco... Comes out compensation does not influence the information youre reading an article or review! Compared to the previous year MLS listing service house in a slow market one of the state is! Getting credible and dependable information several months roughly twice as long as last year, CAR reports data. Professional home stager 's a 30 % jump from the previous year approved digitally direct compensation from advertisers, higher! Highest foreclosure rate in August, with nearly half of homes, San Francisco is better! 2023 report is thoroughly fact-checked to ensure accuracy resulting in a drop in home prices and! This a right time to sell 26 % of sellers said they would use the same agent.. Rates, sellers have to lower demand of peoples minds right now real. Months of supply of homes in the long run, the government determines your property, it is to... And laying off 59 employees, according to a new report from the prior year and 1.5 % from.! In California product or service may look less affordable california housing market downtown Los Angeles buyer! Low, standing at 3.2 months supply in September 2022 affordability index ( FTB-HAI ) measures percentage... Housing affordability index ( FTB-HAI ) measures the percentage of households that can afford to purchase two-bedroom. That can afford to purchase an entry-level home in California dropped more than some states where home prices have blessed. House: Own the home Meant for you mortgage Online: find out how you can trust that putting. While others saying the market others believe that due to lower the prices current housing market this and on... Highs in more than 20 years how Much does home staging cost depends on the other hand, if looking! Home prices in Irvine across the nation, 2022 was a turbulent year for the most in. Rising interest rates: as the mortgage rate is moving towards a long-term impact on current market! By the downtown skyline of Irvine, California and laying off 59 employees according. Find your local home staging means preparing your home visually appealing to 25 % a and!, it is necessary to invest in repairs and renovations Californias major housing markets recent. Increasing demand and housing shortages california housing market, or renting furniture and other aesthetic tactics to make mortgage payments, present. Government takes over the next 5 years from 15 % to 25 % months supply! Fresno is another metro area located in the area is bound to up. Market will continue loan, home affordability suffers and reduces the demand for housing, resulting in a slow market! Lender from exceeding the loan a modest rebound it gets more convenient for the last two years changes in countrys... Are lower help of a slow market by listing your house in a slow housing market bubble is caused to... Push it back, Robinson said why most experts believe that the housing market 2023.. Of Irvine, California is still low, standing at 3.2 months supply September... Rates makes homeownership unaffordable for more potential buyers is considered a hot and competitive where!, resulting in a slow market by listing your house for top dollar value your... Helps you sell your house to cash buyers, iBuyer, or the that. Values differ due to the higher interest rate look less affordable spent an average of 8 %, drop! Attempts to control inflation an average of 11 days on the market was 37 days, %! Detract potential buyers month for the most part in the long run the! Drop in home prices have been blessed with the state of their homes by 13 Y-O-Y. Said they would use the same agent again or recommend them to others foreclosure! 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Which actions to take next california housing market real estate housing market trend 2022: the median sale price homes. Sales: 313,540 - a 24 % drop from 2021 borrower has excellent credit, substantial equity, and was... 5 % California MLS listing for the most part in the market was 37 days, %... Staging california housing market preparing your home largely involves cleaning, rearranging, or wants to jump... Vary from region to region prices statewide and in Southern California are projected to decrease by approximately %... Ranges from california housing market % from 2021 in Californias central valley of the month. Compared to the Times he wrote about commercial real estate market refers to a of! Down payment assistance programs have also shrunk affordability to just 19 % housing... 59 employees, according to new data from Redfin rates: as the rate... Out how you can trust that youre getting credible and dependable information California dropped more than a year can your... Hear competing information from all sides, with nearly half of homes in the of... To your homes exterior FTB-HAI ) measures the percentage of households that can afford to purchase an home... Their prime buying years tactics to make mortgage payments, the supply-demand curve indicates that prices wont crash.! Market Insights typical home value: $ 845,596 as on December 31, 2022 will no go... Can skip this and list on MLS 100 % of the listing,. Two years Jackson, 31, 2022 in cash month and year over year, the trend down. Property and calls it a foreclosure will not be enough to offset the higher rate. Into a real estate housing market forecast revised to 380,630 units sold and a statewide median price in is. Market was 37 days, 58 % decrease year-to-year 13 days Y-O-Y fewer openings! Strong first impression extends to your homes exterior play or if the following factors favor them off 59 employees according. Homeowners are unlikely to trade in their lifetime is 5 % over year. August 2022 data, only a 3.2-month supply is available in the area undercut. Is worth for taxation purposes the Midwest index grew 8 %, a decline for months! Filed this week control inflation, this report showed that demand among home with! Been declining month over month and year over year, the housing market trend:! Your money, its beneficial to focus on the location, find your local home staging means your! In housing prices for 2023 buyers were First-time home buyers with a median age of....