How are listing prices performing in the current housing market?

Waterside community in Florida | mortgage rate news

Home listing prices start to trend downward

According to a recent report from, the median home price in America in June 2023 was $8,000 less than it was in June 2022. Last year, home prices averaged $449,000 throughout the country. This year? Down to $441,000. While the decrease may not sound like a lot, it could signal the start of a larger trend that could give homebuyers some relief from the current housing market.

Also according to the report, housing prices have historically peaked in June, so there could be greater relief in some areas over the next few months.

Median number of days for home sale in Florida drops

Florida continues to have one of the hottest housing markets in the U.S. Recent data from Florida Realtors showed that the median number of days a listing lasts on the market in Florida in June 2023 is only 56 days. That’s down from a 69-day median in January 2023. The lowest it’s ever been? Only 31 days in May 2022.

The state also showed an increase in active listings for single-family homes and condos in June, and 15,062 active building permits for residential structures were active in May.

Florida Realtors Chief Economist Dr. Brad O’Connor said, “Active listings of single-family existing homes more than doubled from a 1-month supply at the end of 2021 to a 2.7-months’ supply at the end of 2022. If we get a little relief in mortgage rates, then all the other factors are still there that make Florida appealing and a strong draw for buyer demand.”

Does mortgage pre-approval impact your credit score?*

It’s normal for a first-time homebuyer to be a bit nervous when applying for a mortgage pre-approval. However, you don’t really have to worry about hurting your credit score. A pre-approval will show up as a hard inquiry on your credit report, but the impact will only be temporary and getting pre-approved moves you one step closer to getting a new home.

Do you have questions about mortgage pre-approval? The team at Guaranteed Rate has the answers you’re looking for. Contact us today to better understand what getting pre-approved for a mortgage can do for you.

GUARANTEED RATE IS NOT A CREDIT REPAIR COMPANY, CREDIT REPORTING AGENCY, BROKER OR ADVISOR. You acknowledge that Guaranteed Rate is not a credit repair company or similarly regulated organization under applicable laws, and does not provide credit repair services. Where available, recommendations, tips and education materials are provided to you at no additional charge, and for educational purposes only. The services are intended to provide you with general information and assist you with identifying your options. The information is provided only to enable you to make your own choices about your personal finance, and is not intended to provide, legal, tax or financial advice. We do not provide any services to repair or improve your credit profile or score, nor do we provide any representation that the information we provide will actually repair or improve your profile. Consult the services of a competent professional when you need any type of assistance. You acknowledge that Guaranteed Rate is not a “consumer reporting agency” as that term is defined in the Fair Credit Reporting Act as amended.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.