It is still a seller’s market with all that entails. Consumers are continuing to tour homes. Showing activity in the Mid-Atlantic has continued to track near 2019 levels despite the lack of inventory on the market. Buyers are motivated, but they need homes to purchase.
The market has continued in much the same way as it has for the last 2-3 months. And the hot topic continues to be the lack of inventory. Most jurisdictions still have less than 1 month of inventory/housing supply. DC has 2 month’s of single family inventory and 2.8 months of condo/coop inventory. Houses priced under $1M have seen a 15-20% reduction of sales. This is in part due to the lack of inventory, but is probably also affected by the realities of financing right now – both in terms of interest rates and cost of houses. The sold dollar volume in our market is down 20-30% since May of last year.
As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy is reaching its apex, which means mortgage rates are expected to decrease later this year and into next.”– Sam Khater, Freddie Mac’s Chief Economist
We expect rates to come down toward 6% for the fall.
Maryland, My Maryland
Bright MLS. Lisa Sturtevant. June 12, 2023. “Weekly Market Report: Week Ending June 11”.
Maryland Realtors. May 2023 Housing Stats. “Maryland Home Sales Continue to Fall as Sales Prices Remain Resilient in the May 2023 Maryland REALTOR® Housing Stats.”
Urban Turf. June 15, 2023. “6.69%: Mortgage Rates Drop Slightly as Fed Signals Rate Hike Pause.”
Bright MLS. Lisa Sturtevant. May 2023 Market Report.