Jeff Holden Real Estate

11/17/2022

Lawrence Yun said home prices will rise 1 percent and sales will dip 7 percent next year before recovering in 2024.

11/17/2022

High inflation, elevated mortgage rates, slowing sales activity, and severely limited housing inventory will prevent large home price drops for most of the U.S. in 2023.

11/17/2022

Rates for several types of mortgages fell more than half a percentage point Thursday, with 30-year fixed-rate mortgages averaging 6.62 percent.

11/17/2022

These slides were presented by NAR Chief Economist Lawrence Yun at the Commercial Economic Issues & Trends Forum on November 12, 2022, as part of NAR NXT: The REALTOR® Experience 2022.

11/17/2022

Instant Reaction: Even as days on the market are lengthening, overall housing inventory still remains near historic lows. New listings are actually lower compared to the same period a year ago. That means once the gate opens a bit for homebuyers, we could again face a housing shortage. This is why more new home construction is needed, as well as more rehabilitation of disused buildings into residential units.

Housing starts in October fell to 1.425 million annualized units, implying we may face shortage conditions. Apartment buildings remain robust, with a 17% gain from a year ago, but single-family starts are 21% below one year ago and well below historical averages.

In the meantime, mortgage rates are falling from the peak levels of last month. The gate is opening for more homebuyers to qualify for a mortgage.
https://www.nar.realtor/blogs/economists-outlook/instant-reaction-housing-starts-november-17-2022

11/17/2022

NAR Chief Economist Lawrence Yun expects there to be a further uptick in home prices in 2023, even if mortgage rates stay at or near 7%.

11/17/2022

12/08/2020

71 Elder Rd, Needham, MA - PENDING - This property accepted an offer $10k+ over asking before even listed – very happy to help my sellers go under contract so quickly!