The surprisingly quick recovery of the housing market suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year...There still aren't enough homes for sale to meet demand.
Generally speaking, the market rebounded much more strongly in 2023 than seemed possible at the end of 2022, when, after hitting historic peaks during the pandemic boom, economic and demand indicators hit their lowest points since the great recession. The decline in the number of sellers putting their homes on the market continues to be an enormous factor in the balance - or imbalance - between supply and demand, in the recovery in home prices, and the decline of overall sales volumes.
In the meantime, we expect to see substantial activity this fall. September often sees a considerable jump in new listings coming on the market.
As always, reach out to our team if you have any questions, we're here to help.
