Mortgage rates head lower for the 3rd straight week
In a recent report compiled by Freddie Mac, mortgage rates showed their third consecutive week of decline. The national average on a 30-year, fixed rate mortgage fell from 6.69% a week ago to 6.67% this week.* The recent drop is the lowest level that mortgage rates have been at since the end of May.
Is it better to buy or sell a home in 2023?
Realtor.com asked several experts if they felt it that the rest of 2023 would be better for buyers or sellers, and updated their outlook for the second half of the year.
First home prices have come down enough that Realtor.com’s chief economist Danielle Hale is revising her projection for the rest of the year.
“Home costs are still going to be higher for buyers in 2023 because home price declines are very mild and not universal,” says Hale. “Some areas are still seeing home prices going up and mortgage rates are still very high.”
Hale was also asked about home prices and stated, “We’re seeing more divergence between how local housing markets are doing. In areas that are more affordable, we’re seeing more buyer interest, more sales, and more competition keeping prices high.”
When asked about mortgage rates, Hale indicated that homeowners staying in homes longer is having an impact on the overall market, but that should soften in the future. “The longer existing homeowners are in their homes, even if they have a low mortgage rate, the more likely it is their current home won’t meet their needs. They’ll also have more equity that will cushion the blow (of buying a new home with a higher mortgage rate),” said Hale.
How is the Bradenton / Sarasota housing market performing?
Recent housing data collected from the Bradenton / Sarasota, FL metro area showed that one of the hottest markets in the state is starting to cool.
The median price of a single-family home fell 6.4% in May 2023 compared May 2022. The median home price in May 2023 was still $515,000, but that’s down from $550,000 in May 2022.
However, May also saw the most homes change hands in the market than in any month since June 2021.
When asked about the local market Realtor Association president, Brian Tresidder, said, “In the ever-changing real estate landscape of Sarasota and Manatee, we are seeing a balance between slight upward and downward trends across most of the metrics we measure, leading to what many would call a stable market.”
* National average rates accurate as of 6/22/23 from foxbusiness.com and are not advertised rates from Guaranteed Rate
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