As of mid-2023, the housing market is still having a clear and widespread impact on the nation’s economy. Mortgage rates have remained high throughout the first half of the year, and at nearly 7%, rates hit a peak for 2023 in the first week of July. These inflated rates have turned some potential buyers away from the housing market, but a lack of for-sale inventory is still keeping demand high in many markets. In addition, issues with inflation and inflated home prices, as well as the ongoing fallout from the regional bank collapses that occurred earlier this year, are further contributing to the unpredictable landscape.
Given the unusual circumstances surrounding the housing market as a whole, it’s tough to predict what may happen next for the industry. The challenges that have prevailed throughout 2023 have made it difficult to navigate the current landscape, but HousingWire’s editorial team is here to offer the comprehensive coverage you need to stay on top of the rapidly changing market. Whether you are in search of the latest housing market news, want unique industry insights, or are on the hunt for expert forecasts, our content will ensure you stay well-informed in this rapidly changing environment.
Housing Market Tracker
- Weekly active listings rose by only 343
- Mortgage rates rose from 7.08% to end the week at 7.22%
- Purchase apps fell 2% week to week
- Weekly active listings rose by only 5,654
- Mortgage rates went from 7.37% and ended the week at 7.08%
- Purchase apps rose 2% week to week
- Weekly active listings rose by only 6,618.
- Mortgage rates went from 7.37% to 7.48% and back down to 7.37%
- Purchase apps fell 5% week to week.
- Weekly active listings rose by only 4,401.
- Mortgage rates went from 7.19%% to 7.37%.
- Purchase apps were flat week to week.
The latest housing market trends
July 2023 – The nation’s housing industry has entered a new normal in which the dynamics of the market appear perplexing — marked by high mortgage rates and high home prices, along with shrinking mortgage originations, HousingWire reporter Bill Conroy wrote in a recent feature.
The perplexing part: Why are home prices not declining in this environment? It boils down to two factors, according to housing-industry experts: a lack of housing inventory, or supply; and high demand for that limited housing stock — which also is fueling a jump in new-home sales.
This is a trend that has prevailed throughout the first half of the year, and without a significant uptick in for-sale inventory, or another massive shift in the market, is likely to continue ad nauseam. But whatever happens, HousingWire will be there to cover it and keep you informed with the information you need to know.
Housing Market Tracker
The Federal Open Markets Committee paused its interest-rate hikes on Wednesday for the second time this year. However, the door remains open for another increase as early as November.