Home listing prices start to trend downward
According to a recent report from Realtor.com, 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.
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Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- 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.
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