Positive Signs

Following a slow second half of 2022, buyer demand appears to be rebounding so far in 2023, with open houses, offers, overbidding, and absorption rates all on the rise. Median prices have yet to recover from recent declines, but those drops are based on numbers from the peak of a 10-year market cycle. And it’s only a matter of time before increased demand and a continued inventory shortage drive up prices again.

The proverbial pink elephant in the room is unpredictable interest rates, which have put a chill on the housing market. Spring is typically the most active period of the year for sales, so we should learn more in the next few months about where we’re headed.