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Is the spring housing market about to rebound?

Housing Wire

While it’s not as clear how long-lasting the rebound will be, it does still provide some much-needed good news for the spring and summer housing market. Data from NAR also shows a home price correction in nearly one-third of the 221 markets it tracks in the first quarter of 2023. million in February and was at 4.3

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Low inventory creates challenging conditions in North Carolina’s housing market

Housing Wire

We’ve been a sellersmarket here for at least the past eight years, but probably closer to 10 or 11.“ While this is up from a record low of 7,336 listings set in late April 2022, it is still well below the 29,951 listings in early May 2019, about a year prior to the onset of the COVID-19 pandemic.

Inventory 288
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Logan Mohtashami’s 2023 housing market forecast

Housing Wire

The 2022 housing market was savagely unhealthy , with all-time lows in inventory leading to massive bidding wars and price spikes until the Fed put a screeching halt to all of it with rate hikes that resulted in the most significant one-year spike in mortgage rate history. So where does all that drama leave us for 2023? Mortgage rates.

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The savagely unhealthy housing market is over

Housing Wire

Last June, the Federal Reserve said it wanted a housing reset , which meant it wanted higher mortgage rates to destroy the housing market. Today, the Federal Reserve achieved its primary goal; the days on the market are now above 30 days, which was the most important data line to get housing back to somewhat normal.

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The standoff between homebuyers and sellers

Housing Wire

There’s a showdown at the housing market corral between homebuyers and sellers. When I came up with the “ savagely unhealthy housing market ” label in February of this year, it was based on the premise that the housing inflation story that we have had to deal with since 2020 was a historical event.

Sellers 498
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The 2023 housing market is at odds with itself

Housing Wire

A paradoxical picture is emerging as the spring market is underway. On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. All major housing market metrics point to a restrained housing market. What can we expect in 2023?

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Key housing markets are starting to buck national trends: Redfin

Housing Wire

In Texas and Florida , however, key market signals show diverging trends. Major markets such as Tampa, Orlando and Dallas also posted supply growth of 20% to 30% during this period. My advice to sellers is to price your home fairly,” Chen Zhao, economic research lead at Redfin, said in a statement.