The US housing market is getting wacky… There’s approximately 600,000 fewer homes for sale this July compared to the average July in 2017 through 2019. Housing inventory (i.e. the number of existing homes for sale) only grew by 5.4% from June to July 2023. This is a BIG problem for home buyers as homeowners continue to be reluctant to sell their homes due to the “lock-in” effect (i.e. they don’t want to give up their historically low mortgage rates). For comparison, housing inventory surged 20.6% from June to July 2022.
According to Redfin, 92% of US homeowners have mortgage rates of less than 6% and 82% are holding onto a rate of less than 5% (based on a Redfin analysis of fourth quarter 2022 data). Given current mortgage interest rates have been hovering around 7% for about a month keeping homeowners on the sidelines.
In today’s video, I share a report from Realtor.com for July 2023 (link below). Enjoy! Please subscribe, like and share!
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.2% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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