Market Update - May 2023 - with Amit Baruch of New American Funding

At the beginning of April, there were just over 8,000 active listings in the MLS.

This is up more than 70% from a year ago…

… and is also up just over 10% from the end of February.

Even with these gains, we still only have roughly six weeks of inventory.

This is well below the four to six months of inventory that most industry experts agree is a balanced market.

Overall, prices are still down approximately 7½ percent from a year ago as the market reacted to the big jump in interest rates.

Typically, low inventory means that prices rise, but that has simply not been the case for the last year or so.

We had a brief period, last month, where average interest rates dropped below 6% and there was a surge in sales.

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