Inventory is up, with home sales reaching their highest level since 2019. But it’s important to keep in mind that those numbers include both existing homes and new construction.
New home sales are currently at an eight-month high, while existing home sales are still about 1 million units behind 2019 levels, according to HousingWire. That’s one reason we’re seeing builders offer attractive incentives to get buyers through the door.
Locally, a little more inventory combined with higher interest rates is creating a slight shift in the local market. For sellers, that could mean seeing more home inspections, repair requests, and seller concessions come back into the conversation.
So, does that mean home prices are going to drop? Not likely. Experts agree that home prices will continue to appreciate, just at a more modest pace.
If you have any questions about buying or selling with this shifting market, please reach out and let’s talk about the right strategy for you.
