Lawrence Yun from the National Association of REALTORS shares some thoughts on the National Real Estate Market. Watch the video below for all the details. Here are some key points. Keep in mind, these are national figures, which are helpful to look at, but not necessarily indicative of what is going on in South Florida.
National Real Estate Market Summary
- Sales are beginning to settle down, but are still above pre-pandemic numbers, which indicates a strong market.
- Inventory levels are beginning to rise which bodes well for buyers wanting to take advantage of low interest rates.
- The number of multiple offer scenarios and homes selling above list price are both coming down, but rental demand is on the rise.
Overall, the nationwide real estate market appears to be settling down, it’s not the “frenzy” it was just a few months ago. However, the economy is strong, so the Fed will likely prop up interest rates, causing continued affordability issues. And, there is an industry wide “housing shortage” in all segments, so until builders can catch up to demand we can expect the market to favor sellers and landlords for quite some time.