HOW’S THE MARKET (REALLY)?

BELOW YOU WILL FIND FIVE IMPORTANT CHARTS, CURRENT INVENTORY LEVELS, AND MY TAKE

FIVE IMPORTANT CHARTS

The five charts below provide an overall, general snapshot of the market currently, and in the recent past.

In January 2022, rates began a sharper-than-usual increase from extremely low levels, caused primarily by inflation. The unusual combination of pace and level of increase created a handcuffing effect for many move-up buyers.

Affordability issues have been fueled by low inventory, higher rates, and rapid price appreciation.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index is a widely followed measure of U.S. home prices. It now stands at an all-time high.

Existing home sales remain lower than normal due to the combination of low affordability, low inventory, higher rates, and rapid price appreciation.

National inventory levels have remained low for the reasons above, but are beginning to increase year over year.

LOCAL COUNTY INVENTORY DATA

Below you will find current inventory levels for our major local counties, as well as The District of Columbia. A healthy, balanced market has between five and six months of inventory. You will also find the year-over-year change.

KEY TAKEAWAYS

What does all of this mean for the market? Here is my take.

need to write and post this section….