What's REALLY going on in REAL ESTATE?

The real estate market is constantly changing, and it can be hard to keep up with all the latest news and trends. As we head into the second half of 2023, it's important to take stock of what's really going on in real estate.

First, let's talk about buyers. Despite some challenges, such as low inventory and rising prices, buyers are still active in the market. In fact, according to recent data from the National Association of Realtors, existing home sales rose 1.4% in June, marking the first increase in four months. Additionally, first-time buyers accounted for 31% of all buyers in June, up from 30% in May.

Of course, one of the biggest factors affecting buyers is mortgage rates. Fortunately, rates are still relatively low, making it an attractive time to buy. As of mid-July, the average rate for a 30-year fixed rate mortgage was around 2.88%, down from 3.15% at the same time last year.

However, one of the biggest challenges facing buyers right now is low inventory. With fewer homes on the market, competition is fierce and prices are being driven up. In fact, according to data from the National Association of Realtors, the median existing-home price in June was $363,300, up 23.4% from the same time last year.

Despite these challenges, consumer demand for real estate continues to rise. Many people are still looking to move to larger homes or different areas, and with remote work becoming more common, location is becoming less of a barrier. This means that even with low inventory and rising prices, the real estate market is likely to remain active in the coming months.

In terms of real estate news, there are a few key developments to keep an eye on. One is the ongoing debate over the proposed infrastructure bill, which includes funding for affordable housing and other real estate-related initiatives. Another is the continued growth of iBuyer companies like Zillow and Opendoor, which are changing the way people buy and sell homes.

Overall, the real estate market remains dynamic and constantly evolving. While there are certainly challenges to navigate, there are also plenty of opportunities for buyers, sellers, and investors alike. So if you're thinking about making a move in the coming months, it's important to stay informed and work with a trusted real estate professional who can help guide you through the process.