The median listing price domestically grew by 6.3%, reaching approximately $425,000 in March 2023.
As mortgage rates continue to slide, this comes at the right time, when it is the best time for sellers to sell a home. Mortgage rates this week fell from 6.42% 6.32%. The trend is an encouraging one for buyers looking to enter into this market, which continues to be squeezed by tight inventory.
Active inventory continues to increase with the number of existing homes for sale climbing 57% from 2022. According to realtor.com the number of homes for sale in March is the most in the last 2 years but still is below the traditional number of homes that were for sale between 2017 and 2019. In addition, the numbers point to the days-on-market increasing significantly by 18 days-on-market. Currently the trend is that homes are on market for 54 days in March.
BOOMERS TAKE THE LEAD
There is a shift in new numbers that reflect the Baby Boomers have taken the lead when it comes to home buyers! Now it seems that Millennials are being priced out of the market. The primary reason for this is that Boomers have been able to sell their current homes at a tremendous windfall profit due to the pandemic bull market. The Millennials are just entering, and consequently, they don’t have the advantage of being able to put down a chunck of the equity earned from the sale of their prior home. These Millennials are accounting for only 29% of the buyers as opposed to the Boomers, who represent nearly 40% of the buyers.
Until mortgage rates come down further, Millennials will find it difficult to climb up this very steep mountain.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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