What does the latest prediction for the housing market in 2023 say?
We still have over five months left in 2023. What are the experts saying the housing market will look like for the rest of the year? The team at Money magazine has reviewed the current conditions, and updated their forecast for the rest of 2023.
The good news? They project mortgage rates to slowly decline towards 6.1% by the end of the year, so there may be some relief to prospective homebuyers on the mortgage rate front.
They’re projecting inventory to stay tight for the rest of the year and housing prices will vary from region to region and even metro to metro. A lot of external factors like job availability and local economies will cause some markets to heat up while others start to cool.
Which market saw a surge in housing inventory in June?
While housing inventory remains tight nationally and June is a historically slow month for home sales, at least one market saw a surge in available homes in June.
The Palo Alto, CA metro area saw 72 homes added to local inventory last month. The additional homes coming onto the market represented an 11% increase from June 2022. It appears that sellers in the area who weren’t committed to moving decided to take the plunge with homes still selling even with current conditions.
While Palo Alto appears to be more of an outlier than a trend, it goes to show that regional variance matters in the current market. It may be just a matter of time before the area you’ve been considering starts to see additional units come onto the market.
Which lake towns are the most affordable in America right now?
Have you ever wanted to live off of a lake? Even with the current housing market, there are still towns that can make your dreams of daily flyfishing, reconnecting with nature, and canoeing a reality.
Realtor.com has reviewed the existing market, and found 10 of the most affordable lake towns in the U.S.
Danville, IL came in as the most affordable lake town in the country. Located on the Illinois / Indiana border near Lake Vermilion, the median list price for a home in Danville is only $154,900.
The list was dominated by locations in the Great Lakes region, but also featured towns in the Sun Belt, the Great Plains, and even Alaska. If Lake Town living is right for you, there are several options available that may make your dreams come true.
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