Source: The Hill —
(NEXSTAR) – The days of 40-person bidding wars and offers that are six figures over asking may be over, according a recent analysis of the 2023 real estate market.
The national median home price rose 17.6% in 2021, then another 10% in 2022. Those soaring prices over the past several years made home sellers happy, but now steep mortgage rates are slowing things down.
“Median prices have declined on a monthly basis since mortgage rates doubled between January (2022) and October, and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers,” Rick Sharga, with real estate data tracker Attom, told the Associated Press.
Knock, a home loan company, created a Buyer-Seller Market Index to evaluate the state of the housing market in 100 U.S. metro areas. A year ago, all 100 markets analyzed by Knock favored sellers, the company said. At the start of 2023, 13 markets favored buyers, 43 were neutral and 44 favored sellers. Knock predicts more markets will continue to shift toward favoring buyers over the next 12 months.
